"Launch title" is a little bit of shop talk in the video game industry, and refers to the limited library of games that are released along with a new video game console. Usually, there will only be a handful of titles that become available, as demand for games will only increase with the sale of the system. However, these titles will be shipped en masse to stores, as there is no reason for a customer to buy a new console if the store has sold out of compatible games.
Some launch titles were notoriously bad, and resulted in very poor sales or, in the worst cases, a mass return of the game to stores within a week of their release. Clay Fighter 63 1/3 for the Nintendo 64 sold extremely poorly, as well as Fuzion Frenzy for the Xbox, and Blue Stinger and Pen Pen Triicelon for the Sega Dreamcast. Probably the best example of a poor launch title was Fantavision for the Playstation 2, which some stores gave away for free with systems just to get rid of these dust collectors.
However, not all launch titles are doomed to failure. Halo for the Xbox is an amazing seller for the system, and is still considered one of the best games for the system. Ridge Racer and Demolition Derby for the PlayStation spawned a very successful series of games. The Super Mario series has been the selling point for Nintendo systems since the NES release, continuing through to Luigi's Mansion for the Gamecube.
Over time, these titles will represent the very low end of graphics and sound produced for the system. As programmers become more comfortable with programming for the console, the quality of games will increase. As a general rule, launch title games sell very well at first, and then sit on the shelves until the end of time.