I've been working on video footage to use as a live backdrop over the last month, and after a slow start (learning After Effects from the ground up) I've been having a lot of fun with it, using the same approach I do with the music (and it is intended to reflect the mood of the music I intend to perform live), and now starting to move over to audio since it seems like a good idea to have some music prepared too...

Left (20" screen): Bias Peak. Center (30" screen): After Effects. Right: MacBook Pro.

Right: MacBook Pro 17" running
Ableton Live 8 with Novation ReMote 37SL.

Video work in progress on a Mac Pro running After Effects.