Overall, I think its great. There was no fussing with the install(setting buffers, etc.) - it just worked the first time. I can get many more tracks and plugins with Vegas since it is nowhere near the resource hog that Cakewalk is. The things I like the most are the envelopes, built-in 4 band EQ on each channel (not the greatest EQ, but very usable and not very demanding), the buss structure, having a volume fader right next to the waveform, real-time display of the waveform during tracking, non-destructive normalizing and editing, the list goes on.
So far Vegas has crashed on me only once (compared to dozens of times with Cakewalk) and I have only encountered one major glitch, which I describe in another thread where the panning seems to switch on ocassion (haven't tried reinstalling the s/w yet either). I still get the ocassional pop or click, but far fewer than with Cakewalk and I think this issue is more related to my sound card/motherboard/OS combination. File management with Vegas is a little more hairy though - the 'Clean Audio Disk' feature in Cakewalk was really cool - its a little more manual with Vegas.
But, to sum it up, VEGAS ROCKS!!!