Fully saturated colours look good on small areas, but for the volume fader area, I chose example variations according to whether track text is black or white. Ableton's designers could determine what to do to make things look better, and what to do with white or very bright colours:
Black text: Original colour -> half the saturation, twice the brightness
White text: Original colour -> half the saturation, brightness of 150 (of 255)
There are probably better colour choices or alternative ideas, but I'm pretty sure something like this would improve the user experience, at least for me personally.
Also, maybe the area below the record buttons could also be used to display the track name + colour, just like in the top area.


