With the latest version of LabVIEW they have implemented a C code generator where you can generate C code and then implement it into a MSP430 or other microcontroller but you are still in need for a compiler for your target. It can be used for graphically modelling your algorithms.
National Instruments wanted to deliver a full test system solution (including simulating and pcb design) so they have aquired electronic workbench (EWB) I think it was called.
Today they are also focusing more on mechatronic system design solutions....