I have Ableton Live 8, but I’m really struggling with getting it all setup and transferring all of my midi and audio files over is an insane task. I’ve heard that Cubase isn’t reliable enough to be used in live situations, but personally, I’ve been using C5 almost every single day since it came out, and not ONCE has it crashed during play back. It’s always when trying to perform manual operations, and even then, it rarely happens. I’ve probably gotten more crashes just trying to set up Ableton Live in the past half a year than the past few years with C5. I’ve been using it (C5) on XP Pro 32bit, but my laptop is Win 7 64bit, so maybe the stability is different, but I’m tempted to try it. Any experience?
So what you´re basically saying is: Though you have a stable running Cubase (for the tasks you need it to do), but “heard” that Cubase isn´t reliable for live situations (sorry but alone such a general statement seems quite useless…) you´re asking others, to tell you if you should use Cubase live (without knowing if what they use it for is the same you use it for…)?
Cool.
You should probably listen to what you heard (especially if you “heard” it on the internet, because everything you “hear” on the internet is always 100% true… 
)
I personally think that anyone doing a live set relying on a computer based sequencer is Mad (with a capital M)…
Having said that my other engineer quite happily goes out and gigs regularly with a mac and ableton and seems to have a very good time 
Been using C5 for live shows. Done hundreds of shows this way. Only once has C5 crashed and it was my own stupid fault for demanding way too much of the system.
Have backing tracks playing, 16 mic inputs, midi track for DMX light control and record the show with no problems. Have been using the CC121 controller and an old 01V (midi controller) as a control surface.
About to ditch the 01v and use an iPad instead.
@thinkingcap: Though I understand your comments they’re not very useful and constructive (but more ironical if not cynic…)
@Split: I consider myself MMaaaaadd with all these letters 
or in other words: it all depends on how you use your head
anyway:
I understand your issue: I also prefer to compose/produce in CUbase instead of the slot approach in Live. I perhaps work too rational to find the slot approach really handy, and to carry all CUbase stuff to Live for Live-Acts would be simply too much work.
I used C5 also several time in live situations without any problem and actually copied this idea from a well known live-act I’ve seen several times:
The approach on using cubase over live though is different:
I put all the wav files of the tracks I want to play in sequence (different tracks) and thus press the play button. For the rest I just intend I’m playing live OK… off course not…
Wav files can be with e.g. missing lead-line or complete (and I improvise additionally to it)
Additionally I prepare around 3-4 virtual Instruments and 1-2 external synth tracks to play live.
I actually use this setup with an AKAI4000s electronic Wind Synthesizer, a AKAI LP25 Midi Keyboard and eventually a Nord Synth.
Off course I cannot play all instruments together and the VSTi’s are basically triggered with the LP25 or the EWI, basically I switch no patch during playback and eventually I modulate also a Insert-Effect (like filter or so) on one of the tracks with the Mouse…
That’s it, I just have two hands, so I do not expect more from my own live-act
The times I used live for live-Acts I used a analogue setup in live (wav file in slot) and made small bridges which I put also in slots when changing from track to track… But I didn’t like this approach too much. You need to be really conscious when one track is finishing, trigger bridge and then change to next song… too much triggering, what you don’t have to do if the sequence is prepared…
Perhaps I’ll use in future a mixed aproach using live as Rewire-slave (opens up new possibilities…)
I play with a MacBookPro 4 GB RAM and a MOTU Ultralite… no performace issue with C5 so far…
I’m trying to get somebody to tell me how a “perfect” setup could be to unleash the full-power of Live, but haven’t really found somebody who could explain me on how to port my composition setup to live without bigger effort…
(!!! One big advantage of live is: If you prepare the same sequenced approach as on C5: the handy x/y boxes let you control insert effects very elegant, if you’re into manipulating lots of filters and stuff… but if you anyway spend your time playing live, C5 or ableton are practically the same… for my oppinion!!!)