Launchd network access control in Mac OS Lion
launchd doesn't use the libwrap, as shown by the command:

nm -a /sbin/launchd | grep hosts


The fact that this command doesn't output anything means that
launchd isn't using any entrypoint within the libwrap library
of TCP wrapper.

This answer was checked on Snow Leopard and Lion.

On lion for example, libwrap is used by sshd and not telnetd nor launchd:


% nm -a /usr/sbin/sshd | grep hosts
                 U _hosts_access
% nm -a /usr/libexec/telnetd | grep hosts
%


The libwrap library doesn't exist on Mountain lion.