I used to use the MIDI sequencer called Cakewalk when the product was called Cakewalk and the company was Twelve Tones. This was a LONG time ago. At the time I was a patch / voice developer for Ensoniq synths and there was no sequencer that even compared to Cakewalk. Since then I have moved through Cakewalk Pro to Cakewalk Pro Audio. I'm sorry to say I got side-tracked by ProTools and Cubase (SE and VST) for a while.
Today I'm a worship musician / worship leader and music teacher. My main use for a DAW is to break down and demo MIDI and audio loops that can be used to train musicians in music theory, ear training, intermediate and advanced instrument technique and to help them learn songs. My experience in performance, instrument modeling and patch design gives me the skills I need but I was lacking the proper tools to become truly productive.
About 2 years ago I purchased Ableton Live and started enjoying that but was always VERY diappointed by it's MIDI editing and loop processing capability. It just seemed that Live was weak where I needed it to be powerful and filled up with features I just didn't need.
About a month ago I began to wonder what happened to the Cakewalk product line. My research showed me that it was alive and well, not to mention "all growed up" in Sonar. I downloaded the demo for Sonar 6 Producer and I was hooked. I went out and purchased Sonar 6 Producer locally two weeks after downloading the demo.
Features I'd like to suggest? Well, in the demo, you could add some way to quickly get used to the interface. I have to tell you that I was almost ready to give up when I finally made a breakthrough in understanding the interface. It's powerful, but I didn't find it intuitive when it came to signal flow. You could really improve your documentation in this area for the demo and the purchased product.
As others have mentioned, an arrangement view like Live's would be handy to me, especially during rehearsals. An easy switch from session to arrangement view and a few live performance features view would eat Ableton's lunch.
The right-click context functions other mentioned would be great.
I know you are trying to make a product for everyone, but I'd like more emphasis on stability, VST, MIDI anf Aaudio rather than see you focus on video features. I'd suggest that be a separate product, but then again, I'm not on your board or creative team.
One last thing, making it easier for me to take advantage of the crossgrade option through a local vendor would have been GREAT!