As a home studio nut I think one of the better DAWs out there is Logic Pro 8. Sure, Pro-tools is obviously a huge home studio DAW combined with the small M-boxes but I like the non-constraints Logic offers from the get-go.
You don’t need special hardware, except a Mac, and you can just plug in any interface and you’re good to go.
Here are five things that I think makes Logic such a great in-the-box sequencer/DAW

The comp/swipe feature is an amazing editing tool for comping many different tracks together. It's intuitive and easy to take how many different takes you have and make them into one good one. I wrote a tutorial about how to use this feature at Audiotuts which you can read more about here.
I am a huge fan of Logic's convolution reverb, Space Designer. Loading preset patches with impulse responses from some great rooms makes a highly powerful reverb engine. It also allows you to edit the envelope and equalize the impulse response among other things. You can read a more indepth tutorial on the Space Designer here
Before Logic 9, I was quite fond of 8s guitar amp simulator. Now they've absoutely outdone themselves because the Amp Designer in Logic is an even better upgrade from the Amp Simulator. It has an array of diverse amp sounds and cabs to mix and match, creating almost every sound you'll need.
It doesn't always fit on all songs but the linear phase eq sounds pretty sweet on vocals. It screws with the phasing on the track so it makes it almost sound like there is intense doubling.
For beginners, it's amazing how many presets come with Logic Pro . From default compressor settings to group track settings you can always find a good starting point if you are unsure with what you are doing and just want to experiment.
Obviously Logic has a whole lot more to offer and I didn't even mention the amazing value it has when it comes to electronic music production with their powerful synth engines and drum machine. But as a mixing machine Logic is a strong powerhouse and is deservedly up there in the top DAWs.
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