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As someone who actually records and has used most of the popular DAW software offerings at some point, I'd say they're all great and worth the money if you like the workflow.
Personally, for MIDI and software instruments I used to love Logic, but hated it for audio. I've heard they've fixed that in recent versions.
I always loved Pro Tools for audio but didn't love the MIDI/software instruments previous to version 7 or 8, now I love everything about it (just feels best for me, not necessarily true for everyone).
Cubase I didn't like the workflow of, but others love it, and it's of equal quality to the other two above.
Reaper is great, and cheap, and can act like any of the above and more, but you have to want to tweak it to work how you like it. Pro Tools already works how I like it, so I barely touch Reaper, though I have it and use it for the occasional thing.
To me, Pro Tools and Logic feel like software for audio guys used to analog getting into digital, and Cubase and Reaper feel like software for computer guys getting into audio.