REAPER is hands-down the best DAW for it's price. I've used REAPER for all of my demo's and daily riffs over the past few years. If money isn't an issue I'd shoot for Pro-Tools. I'm running Pro-Tools M-Powered 9 for my little home setup and it's done wonders. This video was done using Pro-Tools M-Powered 9, it's a local band from my hometown that I did an EP for a few months ago: https://www.youtube.com/watch?v=JHlHO0tf80U"]As Oceans Burn - Awaken The Wolves - YouTube
The best recording software is the one you've learned to use. No one needs pro tools unless you run a professional studio, the learning curve is huge, plus most normal musicians wouldn't use 1/10th of the features. Even the most basic "home studio" suites these days are usually way more than anyone needs for multi-track audio recording or Midi, mixing, editing, post-effects etc... BTW, I use sonar/cakewalk
Logic is now only $199.99 in the App store, that a hell of a deal considering all the awesome Virtual instruments and the EXS 24 sampler that comes bundled with it let alone the 25 gigs of media. I've used both Logic and Pro Tools since I migrated from a 2" Studer but when Logic 8 came out even before Logic 9 I couldn't see a reason to pay for pro tools anymore.
Cubase Ableton FL is too gimmicky - each additional FL plugin synth will clean out your wallet - yes you can download the program without charge (pluggys) but the presets and files that the addon uses are idiotically expensive. Reason and Record - I think now or soon you can use VST. You can rewire Reason into Cubase or another program and so use it as an instrument itself so no harm learning it. Cubase has super high integrity regarding maintenance of high fidelity of audio file and uses internally native 32 bit. It has a curve but anything sensitive enough to be very functional later will. Cubase and Ableton have importable song tutorials by Psyload and Speedsound so you can learn through jumping in. Acid is also really good.
Me and my associate are using Reason 5. It has drums/guitars/beats/ all kinds of sounds and sound effects. It's not very hard to use