I don't think there's a real need of this new language option. As said before, we so called "Latinos" understand %100 of the actual "Español" language setting of LFS, so I dont see the really need of a "latino" conversion.
If its already done, we can live with it no questions about that, but... instead of 2 countries based in one language with subtle differences (i.e. Brazil-Portugal, UK-USA, etc), "latinos" are formed by too many different cultures and therefore, each one with its own kind of español dialect.
Argentina
Belice
Bolivia
Chile
Costa Rica
Colombia
Cuba
El Salvador
Ecuador
Guatemala
Honduras
Mexico
Nicaragua
Panama
Paraguay
Peru
Republica Dominicana
Uruguay
Venezuela
...
Is it only me thinking that "Español Latino" cant involve and represent every country in that list? Lots of countries = Lots of differents dialects of spanish = Impossible to please everyone