I used to spend long hours trying to record my various rock bands in Ableton, especially when I first got Ableton. But I could never capture the RAW beauty of songs like I could with something kind of like this
http://www.etsy.com/listing/58114799/po ... udio-1970s, which I used prior to recording on computers.
These days I will get a raw take of the whole Band with just 2 great mics and a 2 Track Cassette Recorder. Use it as my base track in Ableton, and add Vocals or Leads over it.
I like this approach just because it sounds more live and exciting to me. Usually with bands recording things individually, or with tons of mics, wearing headphones, etc etc...tends to make songs stale to me. Sounds great, but it has always lost energy to me that way.
Lastly, computers are great for digital music, and fun with analogue gear, but in my days with them, they suck at rock music.