I have used Master Cook for many years now, and I am very impressed with it's capabilities. I mainly use it for managing and nutritionally analyzing my own recipes, but the recipes that come with the program are also useful, and easy to customize to your own needs. There are many yahoo (and other) groups dedicated to sharing Master Cook recipes in a format that is very easy to download, and the recipe import feature makes it easy to copy and paste recipes in text format (or from websites - including pictures!) in just a few seconds. It can take a while to type in a lot of recipes from books, or initially typing in your collection if you choose to do it all at once, but I think it is worth the effort. I have tried a variety of other recipe software programs (Cook'n, ChefTec - EXPENSIVE, Meal Master, Instant Home Cooking, CookWare, among a few!) and I have found Master Cook to be by far the best value with the most customization abilities, ease of use, and user-friendliness.
Master Cook also has the capability to keep track of your pantry, create shopping lists, plan your menus, search for recipes based on very specific criteria (ingredients to avoid or include, single nutritional items, your personal rating or category, time to make, cost - if you use the shopping section, etc., and combinations of any of these things).
One thing that I don't like about Master Cook are that it *doesn't* include SUGAR or TRANS FATS in the nutritional information (or a custom nutrition capability - that would be handy for calculating weight watchers points!) I contacted ValuSoft about the possibility of adding these and was told that they do *not* expect to add these in the near future. I was disappointed by this because I think that sugar and trans fat are pretty basic items to nutrition - I hope they reconsider!
Overall, I highly recommend this product if you are interested in maintaining and sharing recipes and/or having control over your nutrition. I have enjoyed the ability to modify recipes so that they are healthier for me and my family, and have given this software (and my recipes/cookbooks from it!) to several family members as gifts.