All good comments, but I would like to add a bit starting with Tom's signature
"Bigger is not allways better"

I use both programs.
Cool edit since version ce96 , now CEPro.and Cakewalk/Sonar since version 2 from cakewalk and now Sonar.

Allthough I would recommand Sonar if you need midi and audio, there's no audio software whith the possibilites of CoolEdit Pro if you're talking recording/editing/ audio, for that price.

you have a full professional studio with unlimited equalisers,multitracks,compressors,effects etc.. which include stereo simulations or reverse etc...
An excellent mastering tool as well.

Last but not least;
Runs on any PC since w98, almost crashfree, and even after a crash just restart and you continue where you were! (don't know about the newer adobe version though)
Tip:
If cooledit crashes most likely you have a hardware problem you don't know about yet!

Actually I would recommand to get both programs.

Fred