Don't think anyone has mentioned the flyout QuadCurve EQ with analyser, so I will.
 
Flyout QuadCurve EQ with analyser

Can't do without X2. I have to do everything in X2 and I only use X3 to finalize mixes since it's an eyesore. It is superior to X2 in every way except legibility. Without Panup's mods, I would not be able to do without 8.5.

The new comping method is the best workflow improvement I've seen in years.  My favorite new feature is the ability to drag and drop an audio file into a MIDI track and have it converted to MIDI in seconds.  I've saved a few old recordings with this feature by converting crappy bass guitar recordings into new, MIDI bass lines where I could correct timing and tuning issues.

http://www.cakewalk.com/products/sonar/web-trial.aspx
 

I'm partial to being to drag and drop an audio file into a midi too.
 
Unfortunately it has recently shown up where I was playing bass out of time on old tracks...

Cactus Music
I see a nice piece of recording software that does everything I need, well except wave editing.

What specific wave editing functions would you like to see? I'm taking notes

I'm usually an upgrade junkie, but only because I feel it's  more economical to pay the upgrade price once a year or two rather than fork out 400-500 at once to buy software.
 
Having said that X3 is by far the best version of Sonar in a long, long time.  X1 felt so refreshing with the new interface, but it was very buggy when released, a lot of folks stuck with 8.5.
 
Obviously comping as everyone has mentioned, but the Blue Tubes bundle is worth the upgrade price alone.

Anderton

Cactus Music
I see a nice piece of recording software that does everything I need, well except wave editing.

What specific wave editing functions would you like to see? I'm taking notes

Noise Reduction like Audition.
Sampling and slicing like Geist.

On my cell, sorry for the curt input.

AH, Mr Anderton I'm soooo glad you asked. 
I have to tool copy into Wave lab just to apply some common treatment to audio tracks=  waves. 
 
Open Cubase and right click a audio track and you'll see what I am saying. It works like having Wave Lab within the DAW. 
I guess it is only a matter of once one has been working with a dedicated wave editor, you find other audio software very lacking in these features. 
 
Simple things like cutting out a little tiny spike using the mouse instead of 6 layers of menus to get at the "gain" menu or using nodes and automation. 
 
In a wave editor, you zoom in, highlight with mouse, right click and apply a function, be it gain, eq or a space fart. It is just way fast.  
 
Sonar also seem to not have any global analyzing  features, like RMS level and real Normalizing. Once again if you have used these features in software like Wave lab, you'll see what I'm saying. 
 
Thanks for asking. 

Cactus Music
I guess it is only a matter of once one has been working with a dedicated wave editor, you find other audio software very lacking in these features. 
 
Simple things like cutting out a little tiny spike using the mouse instead of 6 layers of menus to get at the "gain" menu or using nodes and automation. 
 
Sonar also seem to not have any global analyzing  features, like RMS level and real Normalizing. Once again if you have used these features in software like Wave lab, you'll see what I'm saying.

I guess I wasn't clear, I was more interested in the functions you wanted, not the workflow...separate topic. For example you mentioned gain and EQ, what would be (for example) your Top 10 items you'd want to see in that context menu? (I assume by "cutting out a little tiny spike using the mouse" you mean a pencil tool?).
 
One thing I have noticed about Sonar is somewhere along the line it seems they started including crossfades for areas where you've applied DSP. I often apply gain changes to part of a file and wonder how I get away with it   It was also a happy day when Wavelab added that, and Sound Forge gave control over the crossfade times.
 
Noise reduction...I've often thought that would be helpful as well. It's the one remaining function where I often open up audio in Sound Forge and use its noise reduction.
 
As to analytics, yes, most DAWs are lacking in analytics and Sonar is no exception. But again, what are the main analysis algorithms you'd want to see in addition to RMS level and "real" normalizing (I assume you mean normalizing based on average rather than peak levels)? Trying to turn Sonar into something like Sequoia is about the same as expecting it to do video editing like Vegas (or Vegas to handle multitrack audio as well as Sonar). But maybe it would be possible to incorporate some of the most important functions into a future version.