Hi - I am a long time Sonar user; I am looking to move from WaveLab to something else, and need a simple audio editor with the following features:
-edit stereo audio files in 96 and 44.1 kHz
-open Mp3's and convert to audio
-save/convert audio files as MP3's
-Perform: reverse, invert phase, gain, fade in/out, etc. on audio files
-Run/process audio files through VST's
-Tag mp3's and add art work to mp3's
-Hopefully do some kind of peak and RMS analysis, etc.
Can Pyro do all this?
Thanks!!

Pyro?
It'll set your DAW on fire!!
 
 
It does a majority of that, but why not read up on it right here and see for yourself:
http://www.cakewalk.com/Products/Audio-Creator-LE/feature.aspx/About-Audio-Creator-LE ?
 

Long time Sonar user here too.
 
I picked up Pyro on special a few months from the Cakewalk Store, mainly so I could use the MP3 codecs in Sonar without needing to set up LAME.
 
Yes, Pyro will do all the things you listed in combination with the right plugins.  I find myself using it most for recording old vinyl and encoding these recordings to MP3.  But beware, it is incredibly buggy software, especially once a plugin or 2 is inserted.  It is also unintuitive to use (unlike Sonar which I love) and I cannot for the life of me get the MP3 conversion to operate reliably, either in Pyro or Sonar.  The tagging, publishing and burning features are all great though.
 
If you can get it cheap, by all means give it a shot.
 
Cheers,
 
Phil.

I got Pyro for $19. It's well worth that, just to have a simple wav editor. I would think Wave lab would blow it out of the water in features and performance, but I like it. I wish it would add ISRC codes.