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Extremely different. Lite has track limit (8) and is missing EQ8 - the stock multiband equaliser, among other things.

Ableton makes this extremely clear in:

https://www.ableton.com/en/live/compare-editions/

go through it and you'll see that Standard is the least you'd want, and Suite is a great deal.

I think the biggest thing is a track limit (8?), but I'm sure there's other things. Max4live, etc.

three main version are Lite, Standard and Suite. Lite is pretty decent and almost has everything that Standard has except limits you to 8 tracks, Suite is where the real magic is though with Max4Live and such.