I've not really used Logic except very briefly in passing. What is its audio editing like?
For the record my background is originally Cubase/Wavelab too.. on Windows, from version 4 to SX 3, after which I jumped ship to Logic/Ableton Live on OS X when Apple went Intel.
It's hard to talk about this new Logic 'Studio' 8 as it is not just Logic any more, it's a bundle of separate applications with Logic as the centrepiece. There is a huge amount of DAW here for your money, since for half the price of Logic 7 alone you are also getting Soundtrack Pro 2 which offers non-destructive multi track audio editing, Main Stage, which appears to be a completely new live performance oriented application, and loads more - including an extensive sound library.
The audio editing in Logic is excellent. It will be even more flexible now with Soundtrack included in the bundle. The MIDI editing is even better, unsurpassed by any other sequencer IMHO. Where Logic unarguably shines above all it's competitors though is the quality and range of the included plug-ins. It is night and day compared to Cubase, really. The flagship instruments like the EXS sampler, Ultrabeat and Sculpture are fully-fledged, extensively featured, pro quality instruments you would pay a fortune for and the effects such as the Space Designer reverb are excellent too. I really can't do it justice in a forum reply without spending hours ! I would advise checking out the videos on the Apple web site for more info. With any luck they will release a demo of Logic Express 8, as they did with 7, to give you a taste.
PS I have also heard the UK price will be £319, though have not had this confirmed by another source.
cheers