While you are running the system from LiveCD, you are not able to access other applications or programs on your system.
Configuration is not stored on the system, but you can save configuration to a persistent device, such as a USB memory stick. In addition, you cannot upgrade an installation from LiveCD; each upgrade requires fresh LiveCD.
LiveCD is also required to install the vRouter to a persistent device, such as a hard disk.
As a method of deployment, running from LiveCD is best suited for evaluation and test scenarios.