Launchpad is a Texas Instruments microprocessor based development board that is a very low cost "alternative" to arduino. 

The Launchpad costs$4.30 and features:

On-board Emulation
The MSP430 LaunchPad features on-board emulation, which means you can program and debug your projects without the need for additional tools.

All pins of the MSP430G2 device are fanned out for easy access. These pins make it easy to plug in 20-pin BoosterPacks that add additional functionality like wireless, capacitive touch & more

Supports MSP430G2xx MCUs
The MSP430 LaunchPad supports MSP430G2xx Value Line MCUs. These devices go up to 16MHz, feature up to 16kB Flash & 512B RAM. They also offer integrated ADCs, timers, serial communication modules & more.