The program that is still sadly overlooked in these forums is Reaper. It's uncrippled shareware that costs a mere £20 to register and receive free software updates.
The Sound on Sound forum has a frankly huge thread on it a few months back which is well worth reading. It's got very low CPU overheads, so it's possible to run it on an less than ideal computer, fantastically flexible routing, and a good sounding audio engine. It's also small enough that I've heard of some people running it froma USB pendrive.
I made the move from Cubase to Reaper back in february and I've been very happy from my experience so far, to the extent where Ben (TO) and I are talking about doing a trans-Atlantic project using the software in the near future.
There is also a number of professional studios in America who are reportedly moving from Pro Tools in favour of Reaper due to the excellent support (the development team are currently issuing 2 or 3 new updates, new features, and bug fixes a week as well as listening to user ideas), the flexibility and stability of the program.
To my mind, £20 buys you a leading contender for consumer level DAW's. And possibily if some of the pro's are to be listened to, a leading professional DAW too...
*Rahnooo*