I use ableton live 5, and from my personal experience, its more of a sketch tool than a workhorse, "do-it-all" type DAW. Its great for performing your music at gigs, as well as getting some ideas for tracks layed out. You can use all your favorite VSTs and AU plugins that your heart desires.

the sequencer is actually pretty nifty. There are a couple of different ways of using it, but neither is anything better than what you would use in Logic or Cubase. Its like peeling a grapefruit, or cutting it in half.

I use Live as a suppliment to Logic and Reason...I make loops in those programs, then sequence and manipulate those loops in Live. It makes for some very interesting results.