Limitations Of Ableton Live For Recording, Can it be a stand alone software? Options

[bucko]

I am almost ready to lay down hard-earned cash for my studio setup. I like Ableton Live, I have a powerbook g4 1.67mhz, and was told at the local Guitar Center that you can do hard disk recording with Live. How versatile is Live for recording? I was going to get a MOTU Traveler and I'd have my MIDI hookups and I could record and playback with Live, and manipulate the samples in real tim with it as well.. BUT..

I may be missing something here. I probably need a MIDI controller/synth. I probably want to sample and record my acoustic instruments with my microphones, through the Traveler, into Live, and be able to manipulate the sounds with plug-ins, etc. What does Logic, or Digital Performer, have that Live doesn't have, or visa versa? There must be some limitations, I'm not aware of, because Live costs only $499 or less while Logic Pro costs over $800 and DP is higher than Live too.. Is there someone out there that could help me become the creative producer/musician at home that I know I can be? I have played the drums for years, and dabble in the guitar, and my trusty Rhodes electric piano, but I need to take the next step. HELP!!!

[mortalengines]

Live is pretty cool all the way around. Logic definitely has more plugins of VERY high quality (for the price you could arguably never have to buy another plug in). Live has good plugs but I still prefer the Live/Reaktor/Ozone/Pluggo thing I have going (this puts me somewhere around Logic in price -maybe higher but I am a good web shopper so not by much). DP is also an excellent app of professional quality. Live probably lends itself to well....playing live better than DP or Logic & is currently working hard to establish itself as a quality DAW like DP or Logic, but not 100% there yet. I am only beginning to hear of people using Live as their number one rig (as opposed to using it in conjunction with another app like PT or Logic).