It does have universal game launching! It's just that not all games support multi-player match setup from Home yet. But you can launch any game from BluRay or HDD from within Home and return to Home automatically afterwards. However games like MW2, Resistance 2, Resident Evil 5, Street Fighter 4, Warhawk etc. allow you to set-up a multi-player match from within Home, allocating an x amount of slots for friends, choosing maps, options, launch straight into a party, etc., depending on the game.
I think it's great that MW2 supports this, and I think it's a big shame that some of the bigger Sony games don't support this yet, like Killzone 2 or Uncharted 2. I personally think that Home is a really good place to launch your games from, especially multi-player.