LIVE could be awsome if I could record or import audio to be played as is (no stretch/compress), without that ability it's practically useless to me. Even though LIVE is designed to be as much an instrument as a sequencer, I and many others will probably only use it a sequencer.
For example, I'd like to be able to import an acoustic guitar track recorded in Pro Tools at 97bps, set LIVE'S tempo to the same, start draging in drum and keyboard loops, and then let LIVE do it's magic to sync the loops to my audio. If I want to record a guitar solo into LIVE I should be able to tell the program to play it as a "one shot". I know you can do this in ACID, it's a must for LIVE as well.
Although the real-time remix concept is cool, I really just need an ACID-like composition tool for the mac.