I wasn't sure if i should get involved in this one because I have very limited experience specifically with 'dj mixer' style controllers.
The 'low cost' option that I've had my eyes on for quite some time is the
Numark Total Control:
http://www.americanmusical.com/Item--i- ... edium=feed
Pros: you can CLICK on the knobs for extra buttons. has loads of junk to tinker with. has the wheelie dealies. your typical knobs. and a ghetto-fader

Comes with TRAKTOR LE (so you can try out that software in conjunction with Live!)
Cons: toy-ish. All the midi controls are PRE-ASSIGNED.. so you can't change them to suit your preferences (not actually a big deal with ableton live)
The
Traktor Kontrol x1 is the hot new item on the market:
http://www.djdeals.com/nativeinstrument ... TROLX1.htm
Pros: looks sleek, lights up. also has clicky knobs. comes with Traktor LE also. Native Instruments is hot haha. AND you can edit the functions of all the knobs/buttons. I'm not positive, but i'd also assume you can switch between MULTIPLE midi-assignment layouts.
Cons: Does not have the wheels, but the midi editing possibilities makes up for it. Native Instruments is sort of a pain in the butt when you first register their stuff (but their downloader is quite easy once you are registered!). If you want an example of how tricky it can be to register with NI, I highly suggest getting their FREE Kore 2 Player! (i recommend it to anyone and everyone

).
The
M-Audio X-Session is the tried and true option.
Pros: no registration And midi editable. Has MIDI in/out jacks (only important when controlling other hardware really, or piping some yamaha/casio thing into your computer

). bright display.. but really basic (good for manual editing of controls)
Cons: really old. slightly odd layout. controls don't seem as dedicated. least amount of 'controls' if you really look at it.
All 3 options should be about the same price. saving you enough to get a couple korg nano devices
