MOTM

I'm considering the purchase of recording software along the lines of 
Cubase or Cakewalk Sonar. I don't mind spending serious money if I 
can get superior features, but if I can get something less expensive 
to do the same thing, I would obviously rather get that.

Can anyone share what they are using (preferably something you're 
happy with) and elaborate on which features you have found to be most 
useful?

Thanks in advance for any info :)
~Terry