The workability has actually come a long way since a few years ago, and Ableton runs *almost* perfectly -- currently there is a direct draw bug that causes some of the internal options / windows within ableton not to display any text properly.
I believe this is one of the final hurdles for running wine within linux/unix systems and I think we should all be more pro-active in pushing the developers of wine to look at these particular bugs!
Honestly, if i can get the few audio applications i use to run in linux, I will give up windows completely -- a goal I hope to reach soon!
The final bug regarding this ddraw issue is here :
http://bugs.winehq.org/show_bug.cgi?id=13526
If this issue interests you at ALL , please create a bugzilla account on the wine website and VOTE for my bug! This will increase the visibility of this particular issue and of audio applications in wine altogether -- their main focus right now seems to be getting various games to work , I'd like to change that!
Please let me know your thoughts on this and any other suggestions you guys may have regarding getting ableton running in linux!
Here is a screenshot of the problem (Wine 1.0-rc2 w/ FreeBSD 7.0) :

Thanks guys!!!