On one hand, the idea of buying more plastic crap and the whole 'live' thing sounds incredibly unpleasant and like it won't really work.
...On the other hand, if this does execute how they intend for it to and it works out well, then this could be awesome.
We'll see how well LIVE works for this. I'm hopeful for them but not setting my expectations too high.
eDIT: I completely forgot to mention that the new approach to the guitar sounds fucking awesome btw. The only other hope I have for the game is potentially branching out into covering japanese rock as well. I'd love to play like say, White Light by Superfly or Ride on Shooting Star by The Pillows. I know that's an extremely high expectation, but if they're truly expanding their music library, the obvious choice is to go with overseas music as well.