No it doesn't at least not last I checked. It allows you to launch ableton clips in sync with records which is good, but it does NOT give you Ableton effects on Serato channels. So you can't just pump your records in Serato through some of the badass effects available for Ableton. Which is too damn bad. Somebody correct me if I'm wrong about that please...
This means Traktor is probably a better bet if you like to use effects and especially if you like fine tuning them. Traktor is incredibly powerful effects-wise since you can combine them in multiple ways, and the midi mapping capabilities, while complicated, are very powerful - you can assign specific combinations of effects to a single knob or button so you can make your own. They're still limited though; it would be great if you could use VST effects on either system the way you can in Ableton. Serato, meanwhile, is pretty limited in the effects category last I checked. I heard Izotope was going to rewrite all of Serato's effects, which would be great if that happened, but I haven't heard them if they got updated, or if Izotope's other effects (some of which are amazing) will be available to Serato DJ users.
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