+1 Ableton just doesnt have the tools for let's say 'comping' or even decent x-fades built into it. its not an audio editor really, it tries but for the most part fails.
exactly, PT8 comping features are miles ahead of the rest of the game and non destructive inplace audio editing is a godsend.

At a push, for band work, i'd say PT, but if you havnt got the Digidesign soundcard it can be a very expensive purchase.
actually an m-box with protools and an m-audio lightbridge isnt such an expensive option these days and can give you up to 36 I/O (depending on the model)