You guys,
nothing sucks. One with a mastery of fruity loops can blow your mind.. it's really a versatile prog and is VERY openended. I mean, it even takes VSTs which is like a door of possibilities that's permanetly open. It just gets dissed as noob software because it's a great intro program as well. anyways, the "best" loop-based music program is subjective more than objective.
But as far as loops go, FruityLoops and ACID 6 are great. I've used both, but just got acid in the last month. Fruity was my first, but I use Reason 2.5 and 3 most [past 2 years]. Reason's very verstile and visually, is fun to work with. It's a complete digital rack! and sequencer of course. You can look at the back and manually wire it too. But know this, any program will take you months, even years to master and you'll still be learning things in the process. Reason is much more complicated than Fruity, so if you're new to digital sequencing/loop progs, start a little more basic, say fruity or acid. But if you have some experience in the field, Reason might be just for you.
I use CoolEdit for all waveform editing, also for more ambient tracks thanks to it's multitrack recorder. It's not a loop program, but can assist any musician, especially when working with a waveform.
In the end, anything is good enough to learn, JUST USE IT. Most people waste their time arguing that what they use is better than what you use.. and don't end up creating anything. Get a program, and show us what you've got... if it makes sounds, it can be made into music