There are a few people here who use it all the time and even though it has shortcomings they claim it works.
Hopefully one of them will chime in on this thread as I'm sure they would have the answers and help you make it work.
I've played with it myself and found it very slow to change songs which is not exceptable to me. I'm used to using stereo Wave files with Win Amp and I have a footswitch to control playback, so I run most songs without pauses between.
I was planning on using it as I'd like to have MIDI control my effects. I have bought Home Studio just for this purpose even though I have Splat. I figured HS would be more stable. I haven't given up on it yet and possibly a faster laptop would speed things up. Worst issue I'm dealing with is Sonars Lenses seem to be the issue. It loads the song but then jumps around for a while figuring out the page set up. Looks like I'd have to go though all 150 projects and save them exactly the same layout or something..
I've brought up the topic a few times as I think there's a market for a well thought out live playback software. I guess Apple has something but going down that road is not about to happen for me.
My proposal would be a very simple DAW with the following features.
12 tracks audio
Unlimited Midi
VST host supporting common formats
Text file support for second monitor, Lyrics display automatically when song starts.
Playlist editing = drag and drop to re arrange set lists on the fly.
Start and stop options ( custom keystrokes)