I'm a die-hard MC5 fan, I've used it for ages.
Funnily enough though I do nearly no production on it (I use
FL Studio 10). The only real use I have for it is to do the final mix downs for my songs, so for example If I was using an acapella from a song, then I would produce the music in FL before rendering it out and dropping it into Mixcraft 5 - then I'd do all of the vocal chopping and effects in there.
Also when I used to be in a band we used to do all of our recording through Mixcraft, It performs very well as
a live sound recorder, it's a very useful piece of kit.
In terms of similarities to FL however I would say there are very little. MC5 bases its production on loops and ready made sounds, where as in FL10 it's much more 'usable', plugins run smoother and you can sequence sounds with greater ease.
Great piece of software though, much better than it's competitors such as Audacity and so on.
