Launch image is the image that appears when you launch your app, the images you put in the xcode (iphone, iphone retina, ipad landscape, ipad landscape retina, ipad portrait and ipad portrait retina)
Apple recomends using a screenshot of your app main window, so it appears that your app launch faster (I use a screenshot without buttons)
Splass screen is, for example, the screens the games use, where you can see the company logo and some other info, some of them even use 2 or 3 splass screens. You have to include them programmatically
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