If you are just throwing together some samples and loops or leaning heavily on the preset clips then yes, I can see how limited it is. (as would any other software be)
I own Cubase and Reason. Look at a blank template on Cubase and tell me how inspirational that is to you?
How inspiring is this
With session view, you can arrange and compose much more easily and quickly than having to plod along in Cubase. Live has some very innovative effects that you can actually tweak (avoiding presets is always a good way to be less rigid and repetitive).
The clip envelopes allow you to perform all kind of fast innovative editing of volume, panning, automation curves etc. Cubase sucks at timestretching (especially SX3 and previous releases, they cannot handle variable tempo without extensive manual editing of markers).
Do you have the Live suite - try some of the instruments, USe Sampler creatively. If you are not keen on tweaking presets, Covert Operators and Puremagnetik have some fantastic tools and sounds for Live.
Program your own beats in the drum racks in Live 7, rather than using the preset clips. Maybe get a couple of quality virtual instruments to compliment Live's devices or learn how to program racks or macros and tweak the sh*t out of your MIDI controller.
