I had to bounce from Live after my frustration with limited editing functions.....At first I didnt need them and the program was perfect for my needs but once I started to do comps and a detailed editing it just became too much of a hassle. Plus the transport in annoying to me. Im a key command guy and Live only lets you get so crafty with the assignable key commands.
If i had to make a small list it would go something like:
Better metering
Advanced editing features
More bouncing configurations, including MP3, AAC, & conversion to mono.