I'm running both LC and FFS (open source) - LC in particular is quite abusive to your tranny and clutch, and yes you can in more extreme cases (depends on how much you put down, and tires I guess) start snapping components off like axles and diffs. That being said - no more so than executing a poor launch without it. On the timing retardation mentioned by Vermont above - that's only one form of LC (closer to anti-lag really). Most vanilla launch control just use the rev limiter with an offset.
FFS, on the other hand, properly used, is the bomb, and theoretically should put less strain on the driveline if set at the right level. The great thing about it is that since the throttle never closes, you don't vent, and lose boost. It really makes a difference hauling ass around.