Starkeeper,
I have alot of experience with both programs and yes they are entirely different.
I would have to say cakewalk is easier to use and more simple and at the end of the day, can acheive what you want in terms of music production.
Cakewalk works more on the midi sample side - works fantastic if you have a good midi sound engine (Arranger keyboard or sound module).
Fruity loops is mainly for WAV / audio samples and synth style music production.
In a way its like comparing a roland Fantom to a Roland G70 - one is a synth which is used for morte contemporary stuff and the other is an arranger.
I prefer Cakewalk over fruityloops beucase it has less "gadgets" and has a much more user friendly, and professional layout in a sense and still well good enough to produce professional quality music of any genre.
As others have stated, try before you buy and good luck
Nick
[This message has been edited by Nick G (edited 08-01-2006).]