[bilco]

No smart tool
No groups
No pencil tool
Grid and Shuffle Mode only
No elastic properties
Proprietary plugins it comes with only
3 inserts per channel
10 levels of undo
No solo or mute latching
Can only record 1 track at a time I think

That's what I remember seeing off the top of my head

It opens my PT LE 8 sessions fine
No installation problems, even on Win in Boot Camp
Seems really stable

I like it for a songwriting tool, all of the "essential" features I know and love from PT LE with none of the features that take me down the rabbit hole of would be engineering and keep me distracted from my first priority of writing the song.