I'd always thought for some reason that it was sort of an "adolescent" DAW, but I'd say this version, if it were a person, it'd be in its mid-30s -- not capable of everything you could possibly want yet, but certainly trustable with an awful lot of core tasks. It probably can't top Cubase, ProTools et al for the professional mix engineer or composer, but so far looks great for keen hobbyists like me.
(I've not tried any of the many bundled FX and VSTis, just been treating it as a host for my own.)
Any thoughts form anyone else who's spent some time with it?