Got Cubase 5 installed yesterday. I haven't done a whole lot with it - just recorded two cassettes worth of material onto a stereo track. Yippee. I had to do some volume automation for a quiet talker, but nothing fancy. It worked, of course, as anybody would expect.
It feels like a Steinberg product, which I find very intuitive. I did open up the reverb, and the presets sound good. I also opened up LoopMash and loaded in two loops. I can see it is going to be a lot of fun to play with. It's a little like Stylus (not in the UI) in that the grooves have several voices (i.e. drums, perc, guitar, bass) that can be turned on and off as desired. From what I heard, the sounds are great quality, and we can expect to hear them in tv commercials and episodes of CSI for years to come.
