Intro offers a user 16 audio and midi tracks. It is the cheapest version and best suited to first time producers looking to get a feel of the dual workflows. Standard offers far more plugins and tracks than the intro version. It is recommended for those with a little experience who want to get into serious music production. The Suite is the ultimate option for intermediate and professional producers. It comes with over 70GB of tracks, extra plugin devices, and an add-on (called Max For Live) which allows a user to code their own custom extension and plugin for live performances.
Ableton Live is designed for use in both production and live performances. Other features include midi sequencing of hardware and software instruments, multitrack audio recording, 10 instruments (sampler, analog, collision, wavetable, simpler, operator, drum rack, impulse, tension, electric), and real-time warping of audio tracks.