Everything you need to record, master and burn your own music onto CD. I have been using cubasis 4.0 and the wavelab lite wave editor (bundled with it) software for 2 years now. I use it mainly to multitrack record rock and pop stuff. It took a while to learn the program but I get just fantastic results now. Latency was bad until I bought a decent soundcard (audiophile 2496, fantastic and cheap !). Latency now undetectable.
The bundled VST instruments are OK but nothing special. This is not for you if you want to play everything in the "virtual" world via MIDI. Having said this, the MIDI programming interface is the most intuitive I have seen, and I still use some of the instruments a lot.
The bundled effects are reasonable and much more generous than in the cheaper versions of cubase, although with all the free downloadeable VST effects plug-ins available on the net, you can download what you want. You NEED the free downloadable ANWIDA reverb !
The wavelab lite wave editor is simply stunning. Its so powerful and easy to use. Fantastic value !
This is a very good value package, that will run perfectly on fairly low spec computers so long as you have a decent sound card. It has strengths and weaknesses. If you want cheap software to multitrack lots of real instruments (acoustic and electric) and vocals you will not be disappointed