If anyone is serious about a "proper" fit, go out to the Titleist folks in California. It costs thousands, but they know more about this stuff than anyone. For those in the NJ/NY area, Steve Wilson at Essex County Country Club is very good with the Titleist system. He actually taught the system to PGA professionals when I was in the business, and may still do so.
Lets clear up a distinction with launch monitors if we can. Launch monitors in and of themselves are not meant to be a club fitting system. They are meant to be used as part of the club fitting process.
The fitting process should look at grip size, shaft length, shaft characteristics, lie angle, and loft (and offset if needed). The fitter should use a fitting cart, lie tape, lie board, face tape, and other tools to take one through grip size, shaft length, and lie angle.
Shaft length is a product of:
1) Height - There is not one stop shopping when golfers can be 5'5" or 6'5".
2) Posture - Do you stand ideally, tall, or bent over.
3) Swing characteristics - How you approach impact (across the top, steep, dip, etc)
Lie Angle is mainly determined by your particular swing. Someone like Raymond Floyd needs a much more upright club than someone like Ben Hogan did. Each swing is unique, and lie angle is vitally important so that the bottom of the club meets flush with the turf each time.
Grip size is too often overlooked and I don't understand why. Grip size is important not only for comfort, but also in determining how fast one can turn the club over. Think of swing a golf club and then think of swing s thick handled wooden baseball bat. It is much easier to "turn over" the golf club than it is to turn over the baseball bat. If you fade the ball more than you would like, a smaller grip can help you turn the club over easier. The opposite is also true... if you draw or hook the ball, a bigger grip can make it tougher to turn the club over through impact.
The launch monitor (never do this inside - there are psychological effects of not seeing your ball flight that will throw you off) is meant to maximize the combination of loft and shaft to give one the ideal ball flight. In regards to irons, scratch golfers can benefit from an analysis of their irons. Other players will get tested simply to determine the flex of the shaft. The launch monitor gets most of its use in the fitting of woods. If anyone gets exposed to a launch monitor during a club fitting, ask the fitter how the golf ball choice factors in to all of the numbers that he is looking at. That will stump the majority of them - it is the X factor that they rarely think about or consider. Many folks are cautious or skeptical about the findings of launch monitors. Often, it says that their shaft of too stiff or that the loft of their driver is too low. Lets face it, many golfers have an image of the "ideal" ball flight, and it is often about as accurate as their image of their own swing. If you aren't convinced of the launch monitor findings, take the clubs onto the course and test them there.
Club fitting as a whole is not meant to increase the distance on your best shots. If that happens solely because of the fitting, you've got yourself a nice bonus. Fitting is meant to increase the consistency in your game with the swing that you already have. In that regard, your average distance will probably improve as you should be more consistent. Please also recognize, if your swing isn't consistent and repeatable, you won't benefit nearly as much from the fitting. One warning for those who get fit... there are folks out there who will try to give you a lesson during the fitting and fit you on your "new" swing. I saw a company that encouraged everyone to stand taller and then fit them based on those specs. Most of these folks ended up sending their clubs back because they were fit on a swing that wasn't theirs. A good fitter will be fair and unbiased and fit you for the swing that you have.