If your #1 prerequisite is saving the 500 bucks, Reaper would be the way to go. It's cheap, it's constantly being improved upon and there is a very active user community supporting it. More than a few SONAR users have been lost to Reaper, and many more use both to better facilitate collaborations with Reaper users.
 
In my own experience, though, Reaper looks much better on paper than in practice. Its routing options in particular are very flexible, if sometimes clumsy. But for me, SONAR's workflow is much more intuitive and faster. Plus it comes with more - and in some cases better - plugins.
 
Another cheap option is Tracktion. It's cheap, or you can get older versions for free. But its workflow is unlike any other DAW's and takes some getting used to. Still, it's quite capable and well-suited to laptops.

Yea, I would take ask SONAR if you just missed the upgrade price, while Christmas is only 80 shopping days away, more or less, and Cake always has sales.  You'll save on whatever you buy then.
 

Mixbus is a viable option if your midi needs are light. I would try demos of everything that sounds good but reaper really is most bang for buck. You just will need a few decemt plugins. Best bang for buck is logic but unfortunately Mac only. Sonar is close second. I have come to like studio one workflow better though.

bitflipper
 
Another cheap option is Tracktion. It's cheap, or you can get older versions for free. But its workflow is unlike any other DAW's and takes some getting used to. Still, it's quite capable and well-suited to laptops.

And Traction T6 full version is now free.  >>  https://www.tracktion.com/products/t6-daw
 

Sooooo is there Life after Sonar?

 
Yes, yes there most certainly is. My advice would be don't even bother looking at SONAR or Mixbus, there are far better options available out there, save yourself the frustration . I have both, SONAR Lifetime and Mixbus3 and 4, I couldn't and wouldn't in all good conscience recommend either of them to anyone for various reasons, like I said there are far better options available. Best advice is to demo some, and whatever you demo make sure you give it a good and honest workout and find that which best suits YOU, which is best for YOU, not a group of people at a forum for X product, who will obviously be biased, but YOU.
 
 

Not having used anything since X2 might be in your favour, often people who are use to one product after long time use give up quickly when trying new products because of unfamiliarity, they cant do stuff as quick and easy with the product they have just opened for the first time as they can in the product they have been using for years and say this sucks and give up. I believe if you go in with a blank slate and give some of the competing products an honest evaluation and become as familiar as you can with them you will find what you are looking for.
 
Bottom line, Try out/demo as many products as interest you and give them an honest and thorough evaluation as possible, make the decision yourself based on your needs and your likes, don't listen to much to other people, especially on a forum for 'X' product (not just this one, but any), the answer you get will be very biased. Pick what you find best for yourself and be happy

Gee this is still a great forum. Thanks so much folks....I really appreciate the comments and input.

Much to consider and some sage advise here. I'll update later as things progress.

Muchos thankyous once more!

bitflipper
If your #1 prerequisite is saving the 500 bucks, Reaper would be the way to go. It's cheap, it's constantly being improved upon and there is a very active user community supporting it. More than a few SONAR users have been lost to Reaper, and many more use both to better facilitate collaborations with Reaper users.
 
In my own experience, though, Reaper looks much better on paper than in practice. Its routing options in particular are very flexible, if sometimes clumsy. But for me, SONAR's workflow is much more intuitive and faster. Plus it comes with more - and in some cases better - plugins.
 
Another cheap option is Tracktion. It's cheap, or you can get older versions for free. But its workflow is unlike any other DAW's and takes some getting used to. Still, it's quite capable and well-suited to laptops.

Good point re: Tracktion.  Version 6 is a freebie these days.  Free is hard to beat.

Matron Landslide
 
My advice would be don't even bother looking at SONAR or Mixbus, there are far better options available out there, save yourself the frustration.

Hmmmm... saying that there are far better options is clearly just your opinion, and not based on any factual criteria.
 

Matron Landslide
 
find that which best suits YOU, which is best for YOU, not a group of people at a forum for X product, who will obviously be biased, but YOU.
 

 
You should take your own advice and admit that you are describing what is right for you, and not necessarily the right choice for EVERYBODY else.  Peace!
 
Bottom line, if I was faced with paying $500 to keep using Sonar, I would take a good hard look at Studio One 3 Pro, but to say Sonar is not worth looking at is just you clearly talking out yer tailpipe!!!

Ask your friends you jam with what they use. There's value to using the same tool.