Yes. The Live trace makes opaque illustrator objects. You can make it into a "photographic resemblance" by choosing say 256 colours or more.
Then using live colour you can reduce the number of colours, still no transparency or over printing involved, and choose to limit to a number of colours with a specific libary. I will attempt to show a photo of my son in that way,
I have just taken a plain photo... probably could vastly improve result by prepping the image a tad. (I never done this, just aware of the functions and thinking out loud ;p)
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I'm not going into the details on how to use the functions but here is an example
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And reduced to 3 colours (Pantone 7546, 419, 4975... you can choose manually or let the computer pick, also you can move what colours are going to what place. I think actually you can live trace to a specific colour group, but never done it in that order) Colours are mapped to tint, so choosing a dark saturated colour will give you a better range with less colours.
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