Thought I'd sing the praises of Reaper (DAW/sequencer). Windows only (mac version in the works).
I recently permanently switched to it from one of the bigger, more expensive and bloated programs.
I've owned it for a year or so.
Its constantly being updated/improved.
It has a surprisingly small install, and loads projects really fast.
It can also run off a memory stick ... so is very portable.
Its inexpensive. It's stable. It has most of the features you'd expect from a pro DAW.
You can record audio or midi into the same track.
Its skinnable. It has highly flexible track routing.
VST / DX / rewire plugins.
Great audio quality and excellent automation.
And, most importantly, I find it works right for me.
Terrific program. Well worth checking out if you are in the market for such a thing.