I'm not sure to understand the question well. Having co-developed a LIBS-system in the past for detecting certain constituents in a given material, I have some practical experience. As far as I can say, a well designed LIBS gives good detection of presence of searched consituents due to their unique emitted pattern wave lengths. LIBS is more a qualitative measurement, I cannot imagine it would work well in measuring the exact amount (ex: wt%) of a constituent in the sample. For this, the emitted plasma has usually too much distortion, noise to allow that. It might be used for single pulse plasma comparisons with different pulse caracteristics (power, pulse length etc.) by measuring and comparing different plasma intensities for the same wavelengths pattern.
LIBS is a spectroscopic technique capable of doing many tasks. As already stated in the previous answers, it can measure plasma temperature and electron density. They can give a good characterization figures of the plasma. This plasma (LIBS) can be used to perform the direct chemical characterization of solid samples without prior sample preparation. LIBS can also be used for nano-material preparation under liquid to be an environmentally friend preparation procedure. LIBS has many other applications in science and technology.
CF-LIBS allows quantitative determination of sample composition without requiring calibration curves. Nevertheless, How do you deal with air elements (i.e. O, H, N) in CF-LIBS approach? For example: How much Oxygen corresponds to the atmosphere and how much to the sample?
Using CF-LIBS technique we get only the relative composition of the constituents in the sample. We can also consider the contribution of the air elements in the plasma such as oxygen, nitrogen etc.