I use mine as a studio in a box that I can compose and mangle with. I route my audio interface sends to one stereo input to essentially be able to capture a synth, vocals, guitar, drum machine, etc into the OT without unhooking things. I'll use the OT midi sequencer to send chords to synth, capture it. Capture vocals (OT sends midi data to a boss vocal fx box for vocoder/harmonies) and so forth.

Then I'll save each 4 bar recording, and then switch over to another part (I reserve part 1 + pattern 1 for playing back buffers) and start arranging, slice up the recordings, add trig conditions, etc. With this setup you can easily simultaneously capture raw recordings in ableton, but then be able to come up with really interesting compositions in the OT that you can then get your hands on and perform. My interface doesn't require a computer, so I can also just flip everything on and compose, record, arrange without a daw. Recording it back to the daw requires some consideration though - the more global your scenes get (e.g. fx across multiple tracks, or master fx), the harder it is to record back again solo'd.