Ableton Live
I see on the blogs where Ean is talking about using ableton live for djing? I have no idea what he’s talking about, I just use Traktor Pro 2. How am I supposed to use Ableton? What advantages does it bring and what can you do with it?
It’s djing in a differnet sense - a lot more prep is required. It’s more playing pre-warped tracks and sample and live triggering them
Advantages are the use of VSTs I suppose
I’d suggest you have a look at some youtube vids to see what people can do
Advantage = pretty much infinite amount of perfectly synced channels with an incredible level of control 
It’s confusing and rewarding. I own Ableton, and while I really like it for what I do with producing and recording, it’s not something I would personally use to play out with.
Personally I think Ableton is best used as a “DJ” interface when you are working with your own productions, or mash-ups, so you can control the individual aspects of the songs. If you’re just mixing other people’s stuff with Ableton, I think traditional setups make more sense.
It requires a lot more prep work and doesn’t work nearly as well “on-the-fly” compared to a traditional setup. But you can get timing perfect, and the amount of loops you can get going is nutty.
It really depends on how you would use it. Some people swear by it, some people avoid it like the plague. Personally I think it’s a great tool when you can utilize it, but the amount of prep needed for basic mixing is not worth it for me. Something I do plan on investigating in the future is The Bridge (with SSL) to bring traditional mixing alongside a bit of my own production work. But that’s just how my brain works around Ableton, each person is different on their outlook of it.
Anything.
Anything traktor/serato can do ableton can do. But better.
Seriously.
You could actually buy the traktor effects as VSTs and use them in ableton if you wanted. Vinyl control? No problem. Ms Pinky. Want to work with video? No problem. 
Yeah I just started using ableton and must say, Everything you can do with traktor you can do with ableton, Justtakes more work to set up. I even use traktor and route the output into ableton so I can use abletons vst and it’s builtin filters. When I just want to mix and lay a couple simple filters I just use traktor, But if I am going to go nuts and glitch my music out then ableton is the route I go.
I used to DJ with ableton, but I found the lack of cue points unbearable given what I wanted to do while performing. Also slicing songs into 8 clips sucks.
http://www.abletonlivedj.com/ has years and years of wisdom about this topic.
Anyway, for me Traktor is perfect for on-the-spot DJ and mix work and Ableton Live is good for ad hoc creation of music and extremely creative mixes.
I produce with Ableton, but I don’t want to deconstruct/reconstruct the songs I DJ in the Ableton style.