You can take snapshots of any combination of OS X applications and name them by context, e.g. 'Work', 'Play', 'Development' etc. As well as remembering and launching applications that you had open it also knows how to re-open individual documents for over 20 popular mac applications, so not only will it restart the application itself, but it will also re-open the files you were working on when you took the snapshot.
Relaunch also allows you to get back to the task in hand quickly after say, a software update that requires a restart or a power cut using it's incredibly simple to set up 'Auto-Snapshot' feature. Instead of logging back into an empty desktop Relaunch will fire up everything that was running before your mac shutdown.