Running Ableton Live on an Intel based Surface would probably work fine because people have run it on Ultrabooks already. Live's interface isn't designed for a 10.6" multitouch display though.
It will be interesting to see how well it works with ASIO4ALL for people who want to avoid using an external audio interface just to use decent buffer sizes.
Another thing people seem to not realise is that most of the time, with electronic music, computers aren't used to "record" audio. They're used to "create" audio with virtual instruments controlled by MIDI. I've only used the inputs on my audo interface once and I don't own a microphone.
There are almost too many very well made music programs for iOS so there's no reason why it wouldn't be possible on a tablet that runs a full version of Windows 8. Anything that works in Win7 64bit should work fine.