In 'da buzinezz' they regard Logic Audio as #1 when it comes to sequencing (very difficult, but very adjustable to your needs), then Cubase VST and then Cakewalk.

Now, I only have touched Cubase and Cakewalk for a brief time before going the Logic Audio, so i can't tell if Cakewalk is worse than Logic Audio.

What i do know however, is that Logic Audio is complete... Really... You can do anything with midi, you can hook up SoundDiver (patch librarian for your synths) directly to Logic Audio, and with midi interfaces like the Emagic AMT8 or Unitor8 you can get spot on timing...

In contrast to what people think, Underworld for example don't use a Akai MPC2000 for sequencing, but use Logic Audio. On live gigs they even have two Logic Audio's running in sync on stage, controlling the samplers and synths...

Personally, my choice about studio sequencing is Logic Audio... For live stuff i'm thinking about an Akai or maybe the Yamaha RM1X (seems a nice way to fiddle around with when i'm not in the mood to load everything up in my studio)

just my 2 cents