To make the Arpeggiator behave a bit more like a conventional delay, you have to engage the Hold switch:
By default, Hold takes any note you input and repeats it indefinitely. However, by turning up the Repeat knob, you can specify a specific number of repeats:
(tip continued below)
Buy the I LOVE LIVE TIPS edition of Too Big To Fail on custom USB flashdrive, loaded with goodies.
Buy a signed copy of Ableton Live 8 Power!
How about a Hobotech T-Shirt?
If you would like to make a donation, thank you. You rock.
Now, the main thing that makes this unlike an audio delay is the fact that each repeat is at the same volume. To make the repeats fade out, turn on the Velocity swich and dial in the Decay and Target parameters:
In the example above, the velocity of the notes generated by the arpeggiator will decrease to zero (the Target) over a period of about one second (the Decay).