It is also very easy to grasp, and it can indeed be used as a 1:1 thingy - that's mainly how I use it. I taught MuLab to my students, and they got it immediately. The UI is adequate - easy on the eyes and useful.
For me, it's a blessing seeing the racks of every track simultaneously, instead of going into an edit window and make changes, then the next edit window etc. Imagine shutting off a power-hungry reverb on some of twenty channels in Cubase... In MuLab, just click the bypass button for the racks in question.
Related to all of the above, it's easy to work with MuLab on a small screen. I run it on my 14 inch laptop. With Cubase, I need to constantly hit F3 to view the mixer. And even then, I cannot view the effects used on the tracks.

MuLab is also very stable on my system. I tried to use Cakewalk (for vocal comping), but it constantly crashed for me, so I had to give it up.
From time to time, even though I make music "linearly", I actually do take advantage of the modular design of MuLab and MUX, especially when it comes to routing. There are just so many more things that can be done within a flexible environment.
The only downside as I see it is integration with ARA, Waves and VST3. I wrote a doc on how to do the Waves2Shell conversion, and having done it, all Waves apps work flawlessly (which is good, as Waves have shaped up the last few years). VST3 is still not a major concern to me. However, I do miss direct link to ARA, so that I can correct bad notes as I hear them, instead of exporting/importing (because of this, and for comping, I use Cubase for vocals).
Dakkra's point that MuLab made Dakkra more technical surprises me: MuLab is in my opinion much more musical than any other DAW I have tried. Record (MIDI/audio), add some fx to the corresponding rack, route the rack to a submix (like Instruments or Vocals), route that rack to the main output, add Ozone to the master rack, and the song is done. To me, this is very non-technical. Of course, I have done my share of (great) MUXes, but that is completely beside the point.
To sum up, there's nothing like MuLab. And judging from the ever-more bloating, and simultaneously, dumbing down, of other music software, I reckon there will never be.
Go MuLab!
