1.) Add an option someplace that allows users to control track color transparency. Not everyone enjoys looking at a giant block of color in the arrangement section.
2.) Allow for users to view unlimited midi tracks at once in the midi editor section. Digital Performer, Logic, Cubase, etc. — many DAWs allow users to view their entire composition in midi form, not just up to 8 tracks. This is an unnecessary and needless limitation. (And it would be nice if there was an option to view all of these midi files in color all at once.)
3.) Add a very basic feature: music notation. Again, most DAWs have one, and many musicians know how to read music (as well as some music theory) and prefer working with the music staff. It would be immensely beneficial for Live to have its own internal music notation system built in for all users.
4.) Comping. C’mon, man. This one should go without saying. Every basic DAW has a comping feature...