I have used/had a couple Launch cheapies before. One was a data logger deal that just rode along on the OBDII port and it logged some data when the car set a code.
Another was one you could just plug in and it would pull, display then clear codes.
Kind of an alright deal for both, for a cheapie deal in that respect.
That being said, I would be very surprised if they had 95 percent of ANY brand function, let alone most/all of them.
I'd want the matco man to let me try one out for a week or so before I committed to buying one, depending on the price.