I think that the core of Sonar is very close to "all you need", at least as a recording studio.
There are a few areas that seem to be better addressed by other products. Such as notation based and pattern based composition.
A few competing products also offer arrangement or chord tracks, and scratchpads, for creating musical ideas. If Cakewalk were to actually listen to the suggestions made and add these features, Sonar could be all you need.
As it stands now, nothing wrong with Sonar, but if you really need these other options, it seems you will need to use more than one tool in your workflow.
I would be very happy to see all of these features in Sonar one day