No that's not the same at all. How rubbish. I'm quite surprised because Live has been under development for several years now and other than this I've heard great things about it.
It's funny because when you look at all the features that you might have overlooked when first picking up FL Studio and then come back to them you realise, "Damn, this DAW is *alive!"
But, indeed, a simple thing like an LFO generating MIDI data seems like a necessary item to me.