I've been using LiberKey 5 ever since the beta came out, and each update makes it better everytime.

One of the greatest features, is the Application / Shortcut distinction, and I believe you've really got it right here - changing application settings affect all other shortcuts, and this is fantastic. And more to it, the fact that %MYAPPS% applications also have Application profiles is terrific.

But I still have issues with the HotKey feature - it is great, and supports all hotkeys, but it's behavior is limited only to Launching new instances and it can't handle activation of already open applications.

I would suggest the following options:

1. Launch everytime: each time the hot key is pressed, the application is re-launched.
2. Launch / Activate: each time the hot key is pressed, if the application is active focus on it, if not launch it.
3. Launch Only once: only if the application is not active, listen in on the hotkey.
   This will allow the hotkey to be used to launch the application, and then release it so that the application itself can use it

The main difficulty is in identifying an "already active application: here the application settings could come in handy.
If there were an option of describing how to identify the application - windows class name, title bar text or something similar.
Another option would be to put it entirely in the Shortcut description, since it might need to be different for separate instances of an application.

Some example use cases for better understanding:

1. I use WIN+T hotkey to launch Total Commander using a batch file that sets my portable folders in the path, so that Total Commander is "my command line control hub". Anyway, when pressing WIN+T again, it will launch the batch file again, which is unnecessary - all it needs is to focus the already active Total Commander.
2. I use a hotkey to launch my Internet browser of choice (be it chrome or Firefox), but each time I press the hotkey, a new browser window will launch, which is undesirable
3. I use a hotkey to launch web application shortcuts I've prepared, in this case I need LiberKey to identify if the web application has launched - this can be done by identifying window titles

Hope you had the patience to read through, and that this interests OpenDev and the guys, I really love the new menu, and I think it's the best portable platform management tool out-there.