I just purchased HS4 XL and have done one cover song on it. The song is Van Morrison's "Brown-eyed Girl". I used the included VSC plugin for the drums and they sound OK, but not great. I've also got Drumkit From Hell 2, but I haven't experimented with it's sounds yet.
The XL version of the software has a couple more softsynths included and a software sampler/player. I don't know how useful or user friendly they are yet, but the software itself is fairly useable.
Everythings seems to be pretty stable unless I'm using DFH2 as a plugin. I've had a couple of instant shutdowns that I can't seem to explain, but I can't pin it on DFH2 yet.
Quite capable software. There doesn't seem to be a detailed wave editor as in Audition, but waves are editable, just not what you may be used to. Audio clip edits are non-destructive, which is useful when you know how to use it. You can record a 60 second clip and use different (or the same) portions over and over again, all linked to the original clip.
I have an AMD XP2500 plus and a RAID 0 array with 1 GB of memory. I've used 7 softsynth plugins with 7 audio tracks and the CPU only pegs out at 18% max.
Hope this helps...