Labview can be used to author large, complex software projects. Labview is unquestionably much more fun to use than a syntax based language. I have programmed mathematically dense, dynamic simulations using labview. Newer versions of Labview include alot of exciting features, especially for utilizing multiple processors. I like Labview very much. But I don't recommend it to anyone.
Unfortunately, it's an absolute nightmare for anything other than simple acquisition and display. It may one day be sufficiently developed to be considered as a viable alternative to text based languages. However, the developers at NI have consistently opted to ignore the three fundamental problems that plague labview.
1) It is unstable and riddled with bugs. There are thousands of bugs that have been posted to the labview support forums that are yet to be fixed. Some of these are quite serious, such as memory leaks, or mathematical errors in basic functions.
2) The documentation is atrocious. More often than not, when you look for help with a labview function in the local help file you'll find a sentence that merely restates the name of the item you are trying to find some detail on. e.g. A user looks up the help file on the texture filter mode setting and the only thing written in the help file is "Texture Filter Mode- selects the mode used for texture filtering." Gee, thanks. That clears things right up, doesn't it? The problem goes much deeper in that; quite often, when you ask a technical representative from national instruments to provide critical details about labview functionality or the specific behavior of mathematical functions, they simply don't know how the functions in their own library work. This may sound like an exaggeration, but trust me, it's not.
3) While it's not impossible to keep graphical code clean and well documented, Labview is designed to make these tasks both difficult and inefficient. In order to keep your code from becoming a tangled, confusing mess, you must routinely (every few operations) employ structures like clusters, and sub-vis and giant type defined controls (which can stretch over multiple screens in a large project). These structures eat memory and destroy performance by forcing labview to make multiple copies of data in memory and perform gratuitous operations- all for the sake of keeping the graphical diagram from looking like rainbow colored spaghetti with no comments or text anywhere in sight. Programming in labview is like playing pictionary with the devil. Imagine your giant software project written as a wall sized flowchart with no words on it at all. Now imagine that all the lines cross each other a thousand times so that tracing the data flow is completely impossible. You have just envisioned the most natural and most efficient way to program in labview.
Labview is cool. Labview is getting better with each new release. If National Instruments keeps improving it, it will be great one day as a general programming language. Right now, it's an extremely bad choice as a software development platform for large or logically complex projects.