Ableton has just announced Live 6 LE.
Live LE looks to be a light edition of Ableton Live. It’s basically the same software with some restrictions. Audio inputs are limited in LE, as are the number of Ableton MIDI instruments, and more.
There is no ReWire support in Live LE, so if you’re thinking of incorporating it with your current DAW you’ll have to do it another way.
Seems like this is Ableton’s way to fill the void left by Live Lite now that Live is no longer distributed by M-Audio.
Live 6 LE’s boxed version will retail for $199. The downloaded version is listed to sell for $149. It isn’t yet clear if it’s possible to upgrade a Live Lite install to Live LE.