Ableton has released Live 7 LE (Mac/Win; $149 download, $199 boxed), a "light" version of the DAW that still offers most of Live 7's new features.
Live 7 LE includes 32-bit, 192 kHz recording; 64 audio tracks and unlimited MIDI tracks per project; MIDI sequencing for software instruments; at least 20 built-in audio effects; 2 software instruments—Simpler for creative sample-based synthesis, and Impulse for dynamic, sampled drums; support for VST and AU effects and instruments; automatic plug-in delay compensation; time-stretching and warping of AIFF, WAV, Ogg Vorbis, FLAC, and MP3 files in real-time; instant mapping; a single-screen user interface; and multicore and multiprocessor support.
In addition, Live 7 LE comes with the Essential Instrument Collection 2 LE Edition by Sonivox and ChocolateAudio (in the boxed version only), Puremagnetik loops and construction kits (in the boxed version only), presets for Live LE's instruments and effects, and more. This LE version, however, is limited to 2 simultaneous stereo audio inputs and outputs, 12 built-in audio effects, 8 built-in instruments, 2 AU/VST effects, and 2 AU/VST instruments per project.
For more details and upgrade pricing information, visit www.ableton.com/live-le.