There are so many limitations to live lite though. The only value I see if for fiddling around and making loops, and potentially using it live. 8 audio tracks and 8 midi tracks don't get you much. Especially when it lacks the group function, and in order to bus tracks you will have to use one of your audio tracks. You also only get to use 4 external VSTis, and 4 external VST effects. And then, even on top of that, you can only use 6 of ableton's audio effects in a project. And to make it even worse, only 2 return(aux) tracks, and you don't get the two best warping modes.
So in the end, you are better off paying 40 to 50 bucks for reaper or something. Hell, you can at least use that fully functioning demo for as long as you want.
If you aren't gonna use it live, or you don't plan on making anything other than loops, I'd say don't even bother.
Here is a comparison list between Light and regular.
And then you've got Suite as well, which blows both out of the water.
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