Yeah, Jason is sound. I also have a site for Ableton tutorials as you can see from my sig, so check it out as well! Follow me on twitter for regular updates. Coming soon I have an interview with techno legend Tom Hades, about how he uses Live in the studio, for DJiing, and live.
Also coming up I'm covering some DJ software and Novation keyboards, and other stuff.
I'm just trying to finish a video of 35 tips for Ableton's note editor, from basic to obscure but useful.
Yeah, it works just fine & is pretty straightforward to set up. Back in the day when Ableton (then at v3) didn't have VST instrument support, I used to have both Reason and Plogue Bidule (for running VSTs) ReWired to Live at the same time. That was messy...but no problems on the technical side of things.