You gotta look hard and far to find anything that beats the feature for dollar point of this software.
Downside, you must have a good soundcard for accurate results. Also, effects must be "applied" to your recorded tracs. They're not real time.
Upside, too numerous to list! 32 channel mixer, Mega-effects (see above) Apmlitube-Le built in. This is a serious studio for < $150!
I've got some stuff I've done with this software if interested. Just shoot me an email
Cheers...Randy
PS. you might want to move this to the "Recording Forum"