In which situations should we use "Latch until released" instead of "Switch until released"?
According to LabVIEW 2011 Help:
Latch until released—Changes the control value when you click it and retains the value until the VI reads it once or you release the mouse button, depending on which one occurs last. You cannot select this behavior for a radio buttons control.
Switch until released—Changes the control value when you click it and retains the new value until you release the mouse button. At this time, the control reverts to its default value, similar to the operation of a door buzzer. The frequency with which the VI reads the control does not affect this behavior. You cannot select this behavior for a radio buttons control.