I'm one of those people that have been following this program since the early CE days and it's done everything I've ever wanted it to. I record drums (or write them in Fruity Loops) and track guitar/bass/etc over it in the multi-track. Being an owner of an analog mixer (Mackie 32.8), I find the controls and workflow to be perfectly suited to such tasks. I assume this multitrack recording and wav editing(!) functionality still exists?
I would be devastated if I had to switch to another program. I've tried them all and none come close to matching the controls of a real mixer to the software version. And don't get me started on Pro Tools! What a horrible proprietary interface that is. I wasted hours learning that interface and wondered the whole time why anyone uses it. /rant
Additional features never really mattered to me, I never expected it to do everything. On the rare occasions I feel like working with midi, I use Reason.
What is this reaper everyone keeps talking about? I just googled it, but I'm wondering about actual user experience, quality of built in instruments, etc. I only ask because it's mentioned several times here..