Yeah, this is the part I'm most curious about. I'm trying to figure out how to lay it all out in the Session view and allow for smooth segues between all the clips. I know some artists have a skeletal set laid out in the Arrangement and sprinkle stuff on top to round it out.
My plan is to run some reverb VST, basic effects like delay, Bassline 2, and a hardware synth (Evolver desktop) in addition to the clips in Live. I have noticed that more serious softsynths can quickly hose your CPU, so those are out.