i was wondering if the academic version of 7 was the same as other academic version software..meaning it has everything and works great..only downfall is not updateable

I don't believe there is an Academic version of the Ableton Live 'Suite' which includes all of the virtual instruments (sampler, oeprator, analog, electric & tension). it does however include all of the MIDI & Audio sequencing, arrangement, live performance & post-production capabilities

so would it be worth saving a couple of buck to buy the academic version of ableton...I mainly wanna do electronic / ebm / industrial music

I'm certainly not the subject matter expert, but in my opinion it all depends on your approach to making music and what tools you already have or intend to acquire. Out of the box, the academic version will enable you to manage audio samples better than any other DAW that I'm aware of, but it won't include any software synthesizers (soft synths), so you'll either need to upgrade to the full Ableton suite or use Audio Unit / VST software plug-ins or use real hardware synths. For the record, I have the academic version and I think it's wonderful, but I also have Propellerhead Reason 4 and Apple Logic pro (also academic versions since I'm a student) which give me all the soft synth capability I could possibly want.

as far as synths and drums i am using absynth / massive and battery...also the ableton will be running on an mac from home with logic and a macbook for live performances