"It allows you to record high quality audio with your computer, onto separate tracks, one at a time or multiple tracks at one time. The number of tracks you can record at once is limited by your interface hardware and your computer. It has the capability to let you mix many tracks together, add dynamics processing, effects, and EQ, and mix them to produce a two-track mix suitable for putting on a CD."
Wow. I couldn't have said it better myself. Nicely done, Boingoman. And of course, the same description could apply to a few programs out there, including my weapon of choice - Vegas.
"Cubase also supports MIDI as well as audio recording. That enables you to record a MIDI performance, often from a keyboard, and then play with the MIDI parameters and events during mixdown."
Add this comment by mshilarious, and that could also be a good description for my secondary program - Acid Pro.