EDIT: Here's a link to the video:
http://www.youtube.com/watch?v=VMhA8a6SiMU&feature=youtu.beI had a BIG breakthrough tonight.
I found that if you turn off loopmode and use the trigs to fire off clips in "plays free mode" you can have the OT act EXACTLY like Ableton's launch capabilities for transitioning. The only caveat: it only works for loops. Still great though! You can always sample your sequenced out stuff into a spare track.
Here's how:
1) Turn on all tracks to play free. Set the trig mode to ONE2. Now when you hit a trig it'll start to play and will be synced. I have it synced to the pattern length.
2) Make sure all your loops have loop mode set to OFF
Now, let's say you've got 2 patterns. Most people, including me, would transition using the crossfader trick. Now, there's no need to. You can switch patterns and replace each track one by one.
So, you've playing your track, turning tracks off and on. Now it's time to transition. Turn Loop Mode to ON on ALL the loops you want to carry over. Then, you can switch patterns and have those loops still playing. As long as your next pattern is setup the same way they won't fire until you hit a trig. So, now you can replace the bassline with a touch of the trig! Then swap out the kick drum, then hats etc! It works great!
The only issue is that it's annoying to change the loop mode (well, to me it is). Does anyone know if there is a SYSEX command that can control this?
Have fun!