I may be one of the few out there that will admit it, but I really like the Launcher. It's become a really useful tool for helping me find content, manage my projects and content, etc.
I just figured out some nice functionality that makes it even more useful to me!
Right-clicking on projects in your Library allows you to to several handy actions like opening the project folder, cloning the project and placing a shortcut on your desktop.
However handy this, I find it a bit odd, that Epic didn't choose to use the drop-down method for these options that's in use everywhere else in the Library. I think it would be easier for people to find and use these tools.