Live Canvas allows you to utilize your own architectural design that you may have created through MS Visio. Once plugged into Prognosis, it animates based on the rules you put in, similar to what you would do in Prognosis. You can attach a Prognosis record on each object. So basically, your data your way but in Prognosis. With Prognosis Atlas which is still available in the Prognosis thick client. You can create the same but it does not utilize MS Visio, you can create a picture and have it alarm but it is not available through Web UI.
Just want to add that Live Canvas advantage is reducing redudant work. Instead of keeping 2 topologies up to date you just work in 1 which is typically in MS Visio. You do that for your company and with all you corporate design features and also add the rules into the shapes of visio and load up a new version into Prognosis when you create one.
Atlas gives you less design capabilities and we are not planning to put developement into this anymore as Live Canvas is the better way to do it