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I'm a fan of Ableton Live, so I have mixed feelings about the LE version (which also includes the Operator instrument-a nice touch). Why? Because Live is an extremely versatile program that can be used in many ways. Some people (including myself) use it primarily for live performance, some as a DAW, and others for remixing or generating loops. So we not only need to evaluate Live LE vs. Live, but also, for its intended application.
What you dont get: Live LE mostly restricts functionality. For example, there's 64 audio tracks max instead of unlimited- then again, I've never needed even close to 64 tracks. Similarly, being limited to two stereo in/out pairs won't trouble most users. You're allowed a maximum of eight Ableton instruments/12 Ableton effects/two VST or AU effects per project (instead of unlimited), and two send/return buses instead of 12....