Noticing some new "functionality": holding down F8 now cycles through edit tools. Before, it would temporarily activate the already selected edit tool on key down and return to the smart tool on key up. Just wondering, is this a (terrible) feature or a bug?

A Feature. You can edit shortcuts and change them if you want. There's an editor to do that in.
The manual or online help has about 10 pages of keyboard shortcuts. You'll find all the info there about which key does what.

It was favorite argument of Smart Tool fans and defenders, that if you need something that Smart Tool do bad, you can temporally press some F key, and do what you want, and then return to Smart Tool after release. And now this possibility just disappeared in the darkness?

I just did a quick test in both Foxboro and Gloucester, and I can confirm that the behavior has changed. I actually think this is a bug. Try the following example explained in the online help. If you hold down F6, the Select tool and the Move tool keeps lighting up alternately and awkwardly.
 
To temporarily invoke a tool
While using a specific tool, you can temporarily invoke another tool by holding down the new tool’s keyboard shortcut. Release the shortcut to switch back to the previously selected tool.
 
For example, if you are using the Move tool and need to select some notes, press and hold down the F6 key (shortcut for the Select tool), make a selection, then release the F6 key to return to the Move tool.
http://www.cakewalk.com/Documentation?product=SONAR&language=3&help=Tools.02.html#1228851
 

Please post CWBRN number:
https://www.cakewalk.com/...Contact/Problem-Report

Host please move into problem reports forum.

Thanks..