Actually I have several ways I like to work, depending on the situation. But I always try to keep it at a minimum.
The more hands-on setup is to have a Virus TI and an Elektron Machinedrum hooked up to Octopus. Often I also have a Roland HPD-10 pad involved that I use to record material MPC style using Octopus as the sequencer of course. The output is then recorded on separate tracks in Ableton Live. Or even the sum sometimes..
The other way is to use Live alone as a host for a few instances of Reaktor that are triggered from Octopus.
For development and testing purposes I connect the Virus TI (polar) to Octopus, which is nice because it has everything I need on board, including a keyboard. This role used to be owned by my NordLead1 which is on the bench right now, with others. Switching gear is like a breeze of fresh air.