Mick, I have just had a look at the spec of Pro Audio 9 and it does look pretty impressive and it should meet your needs nicely.As I noted earlier, my own version of CakeWalk is an old one but CakeWalk have been producing top quality software for some time and are worthy of consideration. As far as I know, CakeWalk's biggest rival is Cubase and both of these packages have thier own loyal following so that is worth checking out as well.
As for which one of the two, I am biased. I like the user interface on my version of Cakewalk (as well as later versions that I have had a play with) and if I was considering getting software to do what you are looking to do, CakeWalk Pro Audio 9 would be my choice.
Jon