Ableton Live is about making music; for composition, songwriting, recording, production, remixing and live performance. Live's nonlinear, intuitive flow, alongside powerful real-time editing and flexible performance options, make it a unique studio tool and a favorite with live performers.
If you'd rather be "making music" than just "using music software," Ableton Live is for you. Live 8, the latest version, includes a wealth of new techniques and improvements with a new groove engine, revamped warping, live looping, new effects, crossfades in the Arrangement View and a reworked MIDI editor.
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[Update / 04.05.2011]