Ableton has released of Live 7 LE, a cheaper “lite” version of Ableton Live 7. Live LE is limited to two simultaneous stereo audio inputs and outputs, twelve built-in audio effects, eight built-in instruments, two AU/VST effects and two AU/VST instruments per project.
Live 7 LE Features:

Studio-quality recording up to 32-bit/192 kHz
Sixty-four audio tracks and unlimited [...]