I have two of these and use them with my two Launchcontrol XL's.
The bag is a neoprene sleeve. It's well made and the zipper and fabric doesn't wear (too much) even after a fair bit of use.
It works great as a dust cover in the studio, or when you put your launch control on the shelve for a while. However, I'm no longer convinced this is the right protection for my launch control XL's when I'm on the road for gigs. It just doesn't provide enough protection for transport to gigs. Even if I'm very careful with my gear on the road, the knobs of one of my controllers was dislodged and is now a bit crooked (still works though). So for on the road, I'm now getting two decksavers for the launch control. Hopefully this pouch will fit over the launch control XL + Decksaver, as added protection and to also create some padding around the bottom of the controller.
It might be ok for the novation launchpad on the road, since the launchpad has no knobs or faders sticking out. But it advertised as intended for the launchpad and the Launchcontrol XL. I'd avoid it for the latter one if you need your gear on the road.