Paddy/PB's point regarding playing keys in a band vs. his current project I think was the most cogent and appropriate. It's a lot of work for one piece of the whole.
Compared to the live band, the advantage that Live gives you is studio-like sound quality in the live performance venue. It is true that what you trade off for that is the 'human communication' that multiple people on stage playing their own parts gives you, and yes it is true that the audience's perception plays a large part.
The other advantage, of course, is that you do not have to have the ability to play an instrument to make music with computers. Whether people 'respect that' has more to do with what preconceptions they have.
But the perception... that 'good sound' is part of the perception, bands can sound like crap even if they can play well.
I've gone to open mics and have had people applaud, even though I was barely doing anything, crossfading and adjusting some stuff, because to bring a whole setup for 7 minutes was not worth it. People liked it because it was different and it sounded good. You'd be surprised at how many people still think 'computer music' sounds like the Space Invaders video game, and they are pleasantly surprised when it is not.
Now, controlling what goes on within Live being the same as 'playing' it... sometimes when I'm playing an instrument I'm thinking about controlling it, but when I'm really playing it I'm singing through it. Besides hitting the correct notes with the intended duration, there are a limited number of dimensions I'm controlling that equate to 'articulation'.
I think, then, what people are saying 'goes missing' are two things(the 'anacoustic' aspect) 1) *per note articulation* as controlled by a human touch and 2) the visual information that indicates said articulation is occuring in real time.
Something funny and maybe appropriate-- was up late last night and stumbled across this 'soft rock of the 70s collection from Time/Life' infomercial, hosted by the principle members of Air Supply. They ran through a calvacade of songs and video performances of that type of music, much of it performed live by real, emotive hippies with actual guitars and voices:).
Yes, many of the songs were iconic (not to mention laconic

) and many were memorable, but the whole "power of the DJ" is that *90% of what's good about a particular genre of music can be evoked just by playing the rekkid*.
One thing that was instantly apparent to me is that the sheer barrage of technology that a handful of people with laptops and a couple of projectors can muster is far more stimulating. It is the case that that visual aspect is 'decoupled' from the movements needed to generate the music, but it's different and that is ok.
So don't worry about 'playing your laptop', worry about structuring the content that you "emit" so that it can be mixed and matched on the fly in a way that is spontaneous.
[edit] Most of what people do when they are playing an instrument is executing "macros": scales, phrases, these are loaded into the mind and queued up as muscle movements that have been honed by lots of practice, and once you build a repetoire of these you string them together. In that sense, it's very similar to launching clips, with, again, the difference being the per-note articulation is there (and is also error prone).
I also think that people who are willing to give an electronic music performance "a chance" are different, also, than people who are not.
[edit edit] If I play my guitar for an audience, I can guarantee them I will generate the notes that I intend as best I can. If I play electronic music for an audience, I can guarantee that I will play many notes I never intended, but none of them will be "wrong"

If I play both at once, I can guarantee a potential for the best and worst of those two worlds simultaneously.
[edit edit edit] where is b0unce? shouldn't he be by to call me a pompous ass about now?