Here are my thoughts, just off the top of my head.
Cubase 4:
Pros:
Workflow - folders, groups, marker lanes, colours - makes it really easy to see instantly what's what, to solo or mute groups, all of that.
Routing - drag and drop to change effect ordering, route freely between audio channels/ groups.
Freeze - I rarely use this, but it's easy to save on CPU by rendering the track to audio. Unfreezing and refreezing is quick and easy.
MIDI/Audio manipulation - keyboard shortcuts to quickly duplicate sections, transpose MIDI,chop or timestretch MIDI or Audio.
Great for hardware - easy recording, easy to route audio through hardware effects units and use them like regular plugins.
Cons:
Not being able to rename MIDI CC lanes (I'd love to be wrong on this) - I'd like to set up templates for each of my hardware synths, so rather than "CC74" it would say "Filter 1 Cutoff".
There are some decent instruments and effects, but could always be better (especially a decent sampler in the standard package). Then again, I use mostly hardware instruments and my Waves gold bundle for effects.
Hmm...there are probably more cons, but I'm quite happy with Cubase...my history has been Trackers to FL to Reason to Live to Cubase (I still use Reason and Live, coming into Cubase) and I'm loving it. At some point I'd like to try a Mac and Logic for an extended period. I used logic this year for my music course, but it's different, using it at school as opposed to having it in my studio...
Live 5:
Pros:
Some excellent effects which aren't just the standard reverb-EQ-delay.
Easy to use for DJing as well as production.
Great for manipulating loops, chopping them.
Easy automation with nice big circle points to grab and move around.
Cons:
Hardware, to my ears, doesn't sound as good coming in as it does into Cubase.
Like with Cubase, as at version 5 it didn't come with a really easy to use Sample player (for example, one which allows you to quickly cycle through kick samples while the song is playing).
Finicky, I know, but it's not as visually appealing as Reason's rack, or Cubase's mixing window (the one with all the big faders).
Reason 4:
Pros:
Great set of tools, has almost everything you need (which is important, since it's a closed system). Great samplers, drum machine, loop player, Thor synth.
Looks great.
Small file sizes.
Cons:
Moving around and working in the sequencer window is not intuitive.
Sometimes it would be handy to use external plugins (has anyone heard that one before???) - to bring in a decent frequency analyser, or some other great tools...but this is unlikely to happen, since Reason is nice and solid in it's present form, and can easily be rewired into other applications to get more out of it.
No audio tracks. Even without being able to record, it'd be great to see/ manipulate some waveforms, and play the WAV files from anywhere, rather than triggering a sample via MIDI and having to play the sample from the very start every time.
The cables at the back of the rack, while cool, are fiddly to plug around. In Cubase, to change the order of an effects chain, it's simply drag and drop. No plugging of cables.
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