Yes, I have Reason and it works. Should be the same with Cubase because it runs the Mackie Control Unit (MCU) protocol.
The faders and knobs are used to control different settings within each synth rack (ie Malstrom), and they come preassigned, though I am sure they can be customized within reason (right click... assign).
Also, an important thing to note, there are soooo many buttons on this thing that I am unsure if some of them will work, as in the bottom left section with the copy/paste buttons, synth rack, etc.. though they are assignable too. It shoudl work but test it out for yourself.
Try it. It is a great piece of hardware, Im sure you'll enjoy it!