Three additional settings have been added to the Launchkey MK3's and FLkey's settings page in the 1.2 update. These are: 

External Feedback

The 'Ext. Feedback' setting (which defaults to Off) determines if pads and fader buttons will light to their On colour when receiving a MIDI message that matches their mapping.

Start/Stop

This setting will determine if the Play/Stop buttons send MIDI Realtime Start/Stop messages when not controlling a DAW. 

Power On Modes (Launchkey only)

This setting allows you to choose the mode used for Pads, Pots and Faders when Launchkey MK3 is powered on. To select the mode, go to this setting in the Settings menu and then press the pad/button to select the mode you'd like to use. The pad/button will light brightly to indicate this will be used as the Power On mode. Note that DAWs will still take on control and force Launchkey into a mode for DAW control, so as to ensure that a connection to a DAW is obvious.