you not only have audio preferences in preferences,
it could be interesant to change the warping or launching mode of new clips on the fly, also being able to zoom (using the new feature in live8) your screen using a midi controller. to change the skin colour as you work with one set or another (or just in the middle of a song, to inform you after a 10 minutes improvisation that you have to finish if you don´t want the audience to go home!!).
these are just some examples, but when a feature is abailable lots of more new things can come out.
I´m so serious about this, m4l should let you chop ableton up into pieces.
if not, it´s just a very very complicate way to achieve things that ableton and max already make posible.