LS is HOT! There is a new vesion as of 2/2007. For arranger functins and capability (flexibility) I have not found anything better, Yet.
No it does not have style editing (you can do that with many other programs) or a built in sequencer (but now you can record MIDI files) It does have FULL arranger + and yes I do Kareoke.
Give it a try with the new version...
Lee