If you’re on a budget, the stuff that comes with Ableton Suite sounds pretty good to my ears…it won’t be the limit of what you can do with Live, I assure you.
As far as dynamics, I’m liking the NI Solid Mix Series and Transient Master…except that they run in the Guitar Rig Player, which is a fucking stupid decision compared to just making them their own plugins. But they sound okay and are a lot cheaper than Duende or the Waves versions that I’ve used previously when I wasn’t paying for them.
I’m also a fan of the TT Dynamic Range Meter, especially if you’re just learning to use compressors. It’s not actually giving more information than the gain reduction mode of every compressor’s meter…but it’s a nice visual as a learning tool…and it looks cool.
As far as instruments…the stuff that comes with Live Suite is kinda cool. And I’m liking the demo of Absynth…I should probably get around to buying it before my trial is up. But, it’s not free. Mostly, I use sampled instruments in Maschine because it’s just a littler closer to convincing me that I’m using hardware, which makes more sense in my head for some reason. So…not really helpful. I’d probably just ReWire Reason into Live if I were you and use Thor and Maelstrom…they’ve got the best interfaces of soft synths I’ve tried.
I don’t know anything about delays and reverbs because I use Logic’s and Maschine’s native plugins. I remember liking one of the Moog delays…but I don’t have a clue what it cost because I didn’t pay for any of the software on that system (PT HD Studio at School, not stolen). I also remember really liking the Bomb Factory dynamics plugins and the PuigChild compressors from Waves, but again…I didn’t pay for them…I seriously doubt they count as “cheap.” There was something like $100,000 worth of plugins on that computer.
And I don’t know anything about normal effects (phaser, flanger, etc.) because they all sound the same to me…which means I just don’t use them.
As for saturators/distortion…I like TAL-Tube for a free one and kind of hated Ableton’s actual saturator. But, I’ve had the best luck running the synth audio out of my sound card → my guitar amp → load box (to bring it down to line level) → audio input and then recording it and EQing it all to hell. Logic’s Amp Designer gets kind of awesome results on synths and is tweakable. Live’s Amp plugin kind of sucks IMHO, but it’s better than the Saturator to my ears.
Disclaimer: I’m one hell of an amateur at this side of things. I’ve just played with some awesome toys and think I have okay ears.