All in all, there's alot of bang for the buck, and alot more for the more modern versions. I would recomend it highly.
Price: $40.00 (new)
Where Obtained: Online
Suitable for beginner guitarists
This early version let's you mix 8 tracks at a time. The newer versions go up to 32, but I think cost more. There are 256 virtual tracks, which means you can keep all those out-takes in case you change your mind. Comes with a drag and drop drum package, an online tuner, and various effects (delay, reverb, chorus, etc). Editing is pretty intuitive. A whole lot of features for the money.
While it is pretty intuitive, it takes a bit of practice in the beginning. The manual (a PDF on the CD) is a bit lame, but there are some forums out there where you can pick up some tips. This is the first music recording software I've had, so I can't compare it with others.