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I've got the 25. It's much nicer than the Radium I had before. I play piano, so the semi-weighted keys are what won me over.
If you can spring for the 49 (and have the space for it), note that it also comes with sliders (the 25 only has knobs and the pads).
But if you don't care, yes it's decent.
As for Live 4, it's not overly valuable. Doesn't support MP3 (have to convert to WAV), etc.
What IS valuable about it, is that you can enter the Live 4 serial number on Ableton's website and purchase an upgrade to 6 for much less than the full price 
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