I got the Lite edition of Ableton Live bundled with an M-Audio Keystation 49es controller for my 16th birthday. I get that Ableton is supposed to be easy to use, but I never really got it. 16 tracks isn't enough to produce with, and Ableton doesn't let you run 64-bit plugins on a 32-bit host (or vice versa), but FL Studio (my DAW of choice) does. I think the idea with this edition is to be an intro to production and then be upgraded fairly quickly. As it stands, though, I will probably use this for some light audio processing and nothing more, because the lack of VST bit compatibility really bugs me. It's one of my favorite things about FL, and I'm used to it.
It's good but somewhat limiting
So I understand that it's the lite version, but being limited to 8 tracks is much more of a hindrance than I would have initially imagined (I'm not sure whether that reflects poorly on me as a producer or not haha).
I like its user interface a LOT - it took a bit of fussing with it before I could get the hang of how to edit parameters or create certain tracks or effects, but once the ball took off down the learning curve it has yet to slow down, and I'm really enjoying working with it. It's not my favorite DAW, but it's definitely up there, and I'll more than likely be applying this to a live rig (using it to play backing tracks and sync MIDI clocks between my amp and potentially any other DI amps or keyboard rigs if the situation demanded it).
As for synths and production quality, the audio is clear, and all the included effects and synths/samples sound superb. Again, the clean and clear UI allows for extreme ease of use (at least once you figure it out), and even with a currently completely stock setup I'm still very happy with a lot of what I'm coming up with.