On-the-Fly Punch-In Puzzle for Spoken Word Recording

Among audiobook narrators with home studios, I hear it claimed that Pro Tools is the only DAW that, when you make an error, allows you to quickly and easily:

• Play back the immediately previous good read,
  
• Punch in while rolling to re-read the flubbed text, and
  
• Keep right on recording (until the next flub, when you'll rinse/repeat).
  

Can anyone here counter this claim with the suggestion of another DAW for on-the-fly recording/editing for long-form narration? (I think, for instance, that Ableton Live may have this function, though I haven't yet tried it out.)
Full Disclosure: I used PT for several years and find it to be major overkill (in function and cost) for my needs, as well as a relentlessly sensitive diva to deal with in general.
Thanks in advance!
- Judith
Lenovo ThinkPad T500
Windows 7