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i have live 5.2. I don't much like it. I got it because fruity was my main tool, and i did come to believe, as so many say (thanks janalay and p.s. gol admitted you're right), that the poor sound quality was hurting my music (even with waves bundle to replace the crappy verb etc). Ableton sounds great. And for live performance, it's perfect.
What I don't like is everything else. The audio warping and beat matching is not that impressive. Honestly Fruity's beat slicer can do the same thing. I am suprised cubase can't, it's pretty basic. In fruity you can draw pitch, beat, and volume curves and set multiple start/end loops unlike just one pair in ableton. It's overhyped crap. The midi editing is abysmal. No piano roll features, auto warp, and the "midi effects" are pathetic. It squishes you into a little corner with poor workflow. Also, ableton essentially loads 4 or 5 clips per "scene" and then you fire them and stop them in time. This forces you into this e-jay pattern thing (like fruity) and is not flowing and free-running like cubase or logic (i play a little with demos and hacks on those, so that's how i know how they run). Also there is no space for intuitive ordering like in cubase.
Bottom line, ableton is a dj app. Trackers are the best for classic midi/vst work. If you want midi and audio, cubase is your answer. If you need to perform 5 of your tracks, or a set live, ableton is your answer. You need them both probably. Since I'm a bedroom composer, mostly into idm now, i don't really see much use for ableton. I just use the basic tracker or midi routing programming of max/msp (or supercollider or reaktor if that's your taste) for composing work.
It all depends on what you're trying to do.
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