Live is more like a freaky musique concrete instrument for manipulating sound in realtime than a recording app imho.
I've been using it since it first came out and love
it. It's such an odd and creative app.
Great for dealing with loops, sound design, remixing, performing and just getting weird.
Using it like a DAW would be way too narrow minded, but if it was the only thing you had, you could certainly do it.
Live is like a post modern, experimental GarageBand designed by research scientists for gifted/troubled kids on acid.
It sure is fun on a laptop, spewing strange sounds through a great P.A. with light show/video projection in front of an audience though!