I'm currently in the process of implementing EPM Live upgrade to release 5.6. Compared to MS Project Server I'd give EMP LIVE a 5 out of 5. For this implementation the focus is on features such as Resource Management, MS Project Schedule integration, time sheets, integration with external systems and reporting.
The main objective of upgrading from Work Engine coupled with Project Server to straight EPM Live 5.6 is to simplify resource management, schedule and time sheet processing. Automating integration with Oracle increases resource management and billing accuracy. EPM Live 5.6 (Work Engine) offers easy to use Portfolio, Program, Project and Resource management features in addition to enhancing communication, collaboration and document management not withstanding time sheet management and processing.