I know it seems like version 6 just came out with those crazy kids coding Ableton Live locked in a darkened room with a caffeine drip into their blood streams just cranking out code.  Good thing for Live users.

From the Ableton Live website:

Live 7—What’s New

Ableton Live 7 renews the core of Live, with enhancements to the audio engine including 64-bit mix summing, new and improved devices with side-chaining capability, better MIDI timing and hardware integration. We have also included the most-requested features, such as time signature changes, video export, multiple automation lanes and much more. Version 7 marks the arrival of the new “Drum Rack” which streamlines beat production via an easy drag-and-drop interface and offers native sliced audio and REX file support, bringing endless creative possibilities to beat lovers.
 

Version 7 Renews the Core of Live

Enhanced Audio Engine
Live 7’s enhanced audio engine improves fidelity with precision 64-bit summing at all mix points throughout the program, POW-r dithering, optimized sample-rate conversion and other advances.

New CompressorThe new compressor device integrates the compression models of Compressor I and II, and offers a new model based on a feedback design commonly found in the most praised vintage compressors. The new sidechaining feature allows other audio signals to trigger the compressor.

EQ EightEQ Eight sports an improved user interface and a new 64-bit mode for increased accuracy and fidelity.

Improved MIDI TimingThe MIDI engine has been reworked and we were able to significantly reduce timing error (jitter) of recorded MIDI.

Live 7 Brings the Most Requested Features
Time Signature ChangesLive 7 allows the use of multiple time signatures within a single Live Set in the Arrangement View timeline and Session View Scenes.

Video ExportVideo that has been edited or warped in Live can be exported to a new file.

Easier AutomationMultiple automation lanes per track can be displayed and edited at the same time.

Tempo NudgeA new “tempo nudge” function makes it easier to synchronize to live musicians or DJs.

REX SupportREX files can be dragged, dropped and played just like WAV or AIFF files.

Many Other Important ImprovementsLive, Operator and Sampler have received many important improvements and additions based on users’ requests.

Introducing the New Drum Rack
The new “Drum Rack” streamlines beat production via an easy drag-and-drop interface and brings endless creative possibilities. Easy InterfaceA familiar drum pad interface allows dragging and dropping of samples, instruments and effects. Each pad has its own device chain and can be shown as a mixer channel in the Session View. Each Drum Rack also has its own sends, returns and sub-mixes.Slice and DiceThe slicing feature fills a Drum Rack with the individual hits from REX or audio loops. The original sequence is represented as a MIDI clip, making it easy to replace, reshuffle or re-record the events and process them individually.

Ableton Live 7 Beta
Live 7 is currently in beta testing. To learn more please visit the beta page.