Farview is correct. All daws do the same thing (record audio) and they all do it the same way (arm a track hit record and have at it).
It's the after that's important. How the program manipulates the audio.
That said, I'm both a cubase and m powered user (LE before m powered, there is no difference).
I'm not a huge fan of pro tools LE/m powered for the fallowing reason:
1. Latency compensation, because there is none.
Take a plugin like the PSP vintage warmer and throw it on a bottom snare mic but not on the top, the plugin has something like 2000 samples of latency. Pro tools does nothing to combat this issue so you literally hear the bottom mic flaming with the top. Mellowmuse came out with a work around RTAS plugin called ATA, but the fact that there needs to be a work around annoys me when cubse (my other main daw) does it automatically (not always 100% correct but you can even tweak the setting for that so it's 100% dead on).
2. No drum editor.
I've gotten to hooked on the drum editor in cubase. To explain it better, instead of a piano roll like every other DAW on the planet uses, the drum editor uses diamond shapes to represent on/off messages when editing midi. You don't have to focus on length like a piano roll because the editor was intended to use with drum VSTi (virtual instrument).
3. Time warp.
I like how cubase does it better. Turn on the warp tool and drag the timeline to match what your working on. AKA you have a loop and don't know the tempo, it's VERY quick to tweak the tempo to fit the loop in cubase. (yes I know you can use beat detective for this in pro tools, but what about an entire multi drum track that wasn't recorded to a click?).
4. There are not a lot of free RTAS plugins (you can see this as good or bad).
Well, that's kind of good because it means a lot less poorly programed plugins floating around ready to reek havok on your software (crashes, etc...), But bad because your always gonna be forking for plugins. Pro tools 8 had a lot of new good plugins thrown in over 7 so this isn't the end of the world by any means. The full version of cubase 5 has more plugins and IMO they are better (other than the mediocre GUIs, I will give you that :lol
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5. Lack of a freeze function in pro tools.
Say your computer kind of sucks (mine does not, I only use this on CPU intensive VST instruments like superior 2) and you have added one to many plugins. Well, in pro tools it usually comes down to printing the track and turing off the plugins in order to free up CPU. Oh and it has to be done in real time. Well in cubase there is a button that temporarily renders the file (in non real time) and bypasses the plugins. Want to tweak that plugin again later? Just unfreeze the track, tweak and freeze again. I really like this feature.
6. Limited I/O
Yeah this isn't a huge issue, who needs more than 16 ins and 16outs. Just a minor complaint.
7. Limited track count is 48.
Again not a huge deal, but kind of silly IMO when so many other native daws track counts are so much higher.
8. Hardware specific.
This is another one of those "could be seen as bad or good." It's good that pro tools only works with specific hardware in that it can be more stable. It's bad because what if you don't like the way m audio or avid interfaces sound?