V1.3.15 adds some nice new features for fading in and out the Mic signal. Cross-fades are possible also. You can set the type to use in Live2Setup , 5 types of muting or fading in and out are possible :

1. Auto Mic mute. This is behaviour like before.
2. Manual Mic mute. The Mic is not muted automatically you can manually mute it during play.
3. Auto Mic fade. Behaviour is like before, but the Mic is faded in and out with the fade-times you set. You can set different fade in and out times, from 0 to 10 seconds.
4. Manual Mic fade. Like 2. but with fade in and out.
5. Auto Cross fade. Like 3. but with a cross-fade between played file and Mic.