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!!!