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Pros
Pro Easily extendable with new samples, plugins and VST instruments
MAGIX regularly releases new sample libraries (Soundpools), live sets and VST instruments, as well as new plugin integrations.
Pro MAGIX Magazine & Community
MAGIX Magazine has great articles and the Community is friendly.
Pro Excellent VST instruments
Very high quality sound and varying VST instruments.
Pro Easy to learn & use
It's very easy to learn your way through and master it.
Pro Great interface
The interface is very clear, which makes it fast to create and easy to learn.
Pro Music video full integration
With Premium version, you can add video and synchronize lyrics to your music video productions. Even better if you use along any of MAGIX pro video editors.
Pro There IS a very good free version
MAGIX recently released a free version of it that is excellent and not crappy like others. It has most music creation features of the premium version, but only some basic VSI and sample library (both things easily extendable with MAGIX store's rich packages).
Pro Constantly updated
MAGIX constantly updates all its software and listens to the community.
Pro VST bridge
You can use both 32 bit and 64 bit plugins.
Cons
Con It can go heavy on your system
Sometimes it can become quite heavy on your system and randomly crash.
Con Bad performance
Crashes and glitches regularly.