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Live has very good performance, mainly because the software was designed for production and live performances.
I bought the boxed version of live and I gotta say, the boxed version is the way to go. The essential instruments DVD has gigabytes of samples just for a piano. They also have woodwinds, brass and a few others.
As for audio manipulation, I've read articles for both John Digweed and Armin Van Buuren saying that they use live for their radio shows. Not to mention that Sasha has been using it for a long time.
Ableton is a very nice piece of software so what this really comes down to is whether the workflow works for you. (I know you said you bought the software but other people might have similar questions)
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