Let me talk a little out of turn and recommend MyDMX by AmericanDJ(which is under the Elation umbrella, so I'm sure I won't get my butt kicked for recommending it). It really depends on how you need to use things. MyDMX is a fantastic low-cost product, but with any low-cost product, it has limitations. Of course, working within those limitations can still provide fantastic results depending on what you want to accomplish. With support for 1 DMX universe and the full 512 channels, it's got room to grow with you.
Now, I don't use Compu Live, and right now I've skipped past Compu Live and am using the latest Beta of Compu Show. I must say that this software package is significantly more complex than MyDMX, and as a result, I do admit to struggling with it, but at the same time, I'm also getting fantastic results with it, at least in the virtual environment. The learning curve for me is rather significant. I'm a sound guy, and doing lights isn't something I want to do, but I have to. The decision to go with Compu Show is based on a very demanding show I deal with.
My other problem with Compu Show comes from depending on how you look at it: this morning or last night. Last night I was up late working on my show scenes, and now this morning I have more ideas on how to make more scenes and use switches to save additional time. This is good because I have to redo my major show soon using Compu Show and the more I can learn now, the easier it will be come time to program the show.
Talking with other people who have used Compu Live, they've really had nothing but GOOD things to say about it. I can't wait to try it some day, but not now, since I must focus on being proficient with Compu show for an event in 4 days.
If you're alraedy thinking Compu Live, I think you should keep thinking STRONGER about it. I feel fairly comfortable that it will handle your requirements. As it is apparently designed for live shows, it should work good for that environment, which is why I'll be investigating Compu Live after April to add to my collection of highly usefull lighting software. I am anxious to use Compu Show in a live environment on my upcoming convention. I can't wait to see how Compu Live would work as well.