After several improvements, Ableton has released a new update: Live 4.0.4!

To get this version please go to the download section of our website: www.ableton.com/downloads or use the \"Check for Updates\" function within Live\'s help menu.

You DO NOT need to uninstall a previous Live version to install Live 4.0.4. You can install the new version in parallel. Rather the opposite I would recommend to keep your existing Live version until you have checked out Live 4.0.4.

A detailed list of improvements for Live 4.0.4 can be found here:
http://www.ableton.com/forum/viewtopic.php?t=13271