a lot cheaper would be power tracks http://www.pgmusic.com/powertracks.htm
this does most of everything you need in the way of sequencing, audio recording, and score writing at a good price. Cakewalk has more plug-ins available for the more advanced user.

If you look at http://www.tucows.com/ and search for 'midi' you can get some free programs to try out. They may not be as professional as cakewalk or power tracks but are freeware.