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!!!

[td3k]

Ok. let me clarify my statement a little. I am able to use any Logic "Audio Unit", which in my case means, EXS and EVP. For me, esp. the EXS is very helpful. ( I am using ver. 6.4 ) So, I don't think that Sculpture or ES2 or Space Designer, or any of that are available, as those are specific to Logic. Only any AU plugs that Logic installs.

Don't get me wrong in my previous post either folks... Logic is a kick-ass prog. I just prefer Ableton, and I definitely wanted to rebute the Mac "Genius" who claims Live is insufficent for audio recording. ( That simply is not true. )

Topics like this can often spawn "sequencer wars" So...

Peace...