There are 4 major selling features that Tracktion 2 has on Live right now:
1. 64-bit mix engine "for superb sound quality"
2. Destructive waveform editing
3. Lots of bundled plug-ins. Live could especially use a mastering plug-in like izotope Ozone. Trash and Spectron would be cool, too. (m-audio family!)
4. Built-in Quicktime™ support
I want to use Live for the entire music creation process. Recording, editing, mixing, mastering. All of it.