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A release of a product, especially a computer component, in extremely limited quantities, making it very difficult for consumers to get their hands on. The purpose of this is generally for a company to be able to say "we have the fastest chip", before they can actually produce large numbers of them.

Thus, the product isn't really "launched" to the market, it's only launched in press releases, hence "paper" launches.
"Hey man, I can't find any vendors that sell the new, ultra-fast Intel chip. Have you found it anywhere yet?"

"Nope, nobody has it. It's just another paper launch."
by Jack August 31, 2005
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