Well that's certainly better than what they've got now. I suspect their decision to bork up the logo was partly influenced by the square format of the Facebook avatar. If they had Cakewalk written in its normal form, it would be quite small in order for it to fit the width and they'd have a lot of empty space. So I agree, they should have the same logo they use on their app taskbar icons.
Logos are a tricky thing. They have to be adaptable to a number of shape formats, i.e. logo followed by text, or logo on top of text, they have to be recognizable when small and they also have to work in monochrome. I also think the graphic part of the design should be recognizable as the company logo without the text if required.
I got my company logo from 99 Designs, you offer up prize money and run a contest between designers. It made me realize how rare good designers are. About 95% of the designs that were submitted were positively awful - rank amateurs trying to make a few bucks on the side, and half of them looked like they'd just stitched some cheesy clip art together. Most of them ignore your design specifications, even when you make them explicit and say that any design which ignores them will be disregarded. Toward the end of the contest I was terrified that nobody would save the day, which is horrifying because if you guarantee the prize money (as I did) then you'd end up having to pay for a bunch of crap you didn't want. Luckily someone emerged with a good one but it was close!
Cakewalk's classic logo is fine, they just need to work out how to adapt it for social media formats, and formulate a consistent branding strategy.
I think what they fail to realize is that the square Facebook avatar is not really intended for text based logos. It's more for headshots and symbols. Look at
Ableton's Facebook page, they just have their simple little geometrical symbol. The cover photo at the top of the page is where you complete your branding.