I usually use pro tools for everything from top to bottom. some of the editing is more tedious in pro toos as well as the file browsing. but it does it all for me.
Recently ive put acid on my home computer which has an Mbox and is ok. but im using acid tons now. its soo easy to use as a sampler. the grid works pretty well for drum note placement. sometimes i end up sliding a note or two late on the sixteenth, without the grid, to give it some swing.
but for editing loops its wicked. you can have the original song in a window below so you can quickly chop out segments from that window and drop em into the edit window.
The beat mapper feature works well and if set can pop up each time you import a sample. it pops up on the screen where you can choose not to use it if you dont want , so its easy to decline if you just want a one shot.
when slicing samples it will put a fade on the lead and trail edge of samples. which is a neccissary and tedious thing to do in pro tools. that alone is a monstorous time saver.
The program will run on a lower class of computers as well so its perfect for makin up the loops and doing the aranging, mixing and tracking of vocals/additional instruments at another location(which someone already mentioned, and is what i do.)
It also seems to be easy to come out with a quiet track. Just watch where your signal is on the master fader display, and stay around -6db to -4db. that will give you some room when in the mix later in the process.
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I made all those beats with acid.
The trap i fall into with acid is that ,with the amount of file sharing software out there, its easy to have a million mp3's on hand to sample from. acid will import mp3's so i do it all the time. its great really because i can explore the net to learn about wide varietys of different sounds and styles. but on the other end of the burning candle is that im sure my mp3's are never going to match up to someone whos sampling wax with a top quality turtable, DI's, and superb D/A converters.
I guess its perfect for people who want to make music using samples and dont use hardware. i guess you could slide it in nicely in place of an mpc or somthing. but best results will be tracking the loops out using another method, hardware or software