Ableton's LIVE 5.0 and First Loop Capability

["loop.pool" <looppool@cruzio.com>]

Is it impossible for Ableton's LIVE to have
the simplest First Loop Capability that the Line 6 DL 4 or Boss 
Loopstation 
have:
you know,  you hit a button,  record a loop and truncate it when you feel 
like it and then sync the remainder of
your loops to it like a Repeater does?

Am I just being naive or is there some reason why this feature is not 
included so far.
I suspect there may be some physical reason why this would be hard to do.

It's the single reason why I haven't jumped on the LIVE bandwagon.  Man it 
would make touring
in other countries so much simpler and I hate to be locked into a 
predetermined tempo as it now stands.

   I pulled my arm out again lugging my heavy rack case through Japan
last week.  I'd love to go software if it's at all possible to duplicate 
what I can do in hardware?

Elucidate me, please?

Rick