You ask for a summary and then when you get one you go all conspiracy theory on us

The BL terms & conditions are standard for this kind of service - they are only getting your permission in a legally watertight way to stream your music or distribute it according to your wishes. You still have full control of it.
Regarding only being able to save projects to BL - that would be crazy. Bandlab.com doesn't seem to have a revenue stream. The new DAW and associated software is a sellable product that can generate a lot of revenue. Having it only be able to work with the Bandlab web service would make the DAW far less sellable. There will undoubtedly be close integration with Bandlab services for those who want them, but I am sure it will remain a standalone product in order to maximise sales and Bandlab.com will be a great place for them to generate sales as well.
Another reason why I am sure it will remain standalone is that BL have purchased it all at a very cut down price (I suspect) and if they can build it back into a great product with a big customer base again, it's value will go up massively as an asset and they could sell it on to another company for a huge profit if one day they decide too.
Of course, all we can do at the moment is speculate and that always leads to worry and suspicion. But, the great news is that Cakewalk software has been saved by what appears to be a good company owned by a very motivated, visionary guy who genuinely seems to have a personal interest in this software, seems to be one of us and listens to his customer's wishes! On top of that the main players from the Cakewalk team are back in the driving seat, but this time they haven't got their arms tied behind their backs by Gibson. That's a big improvement on where we were last November and in a week or two, we will know a lot more about where it's heading and I think the only way to feel about that is with hope and excitement.
I don't think we should get too excited about the first release of the new DAW formally known as Sonar though. It will be Sonar but rebranded, have BL integration added and LANDR (and maybe Soundcloud) integration removed. I suspect it will have the last update applied (the one we never got). It is possible we may lose some 3rd party plugins if there are licensing issues which can't be overcome before release and there may even be some new plugins to give a bit of wow factor to keep us all aboard. But given the timeframe, I don't think we can expect too much and I think some people seem to be expecting a massive redevelopment to come out any day which is just unrealistic.
To be completely honest, I don't yet know if I will be coming back to Sonar as I moved over to another DAW that's working out great for me. But I am very pleased Sonar has been rescued and I am excited to see what comes of it. If it looks like it's heading in the right direction as time goes on I'm sure I will be back.