Free to try (Some features disabled.); $71.76 to buy (Buy it now)
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Renoise is a sophisticated music sequencer and audio processing application for Windows, Macintosh, and Linux. Renoises rock solid stability makes it ideal as a live jamming tool. You can map almost every part of the interface to a MIDI controller, run your guitar through a Line-In Device and distort it with native effects, or just use it as a drum machine; a sampler on steroids. Renoises open API allows programmers to easily extend Renoise. With a few lines of code you can add the features or tools that you always wanted but never dared to ask for. Renoise is based on mod trackers. Mod trackers are characterized by displaying and editing music in an easily understood grid known as a pattern.
What's new in this version:
Version 2.8.1 includes a bunch of fixes for the Renoise Lua API.
VST support with full envelope automation for any setting.
GUI is rock solid and quick.
Tracker style makes notes and rhythms very quick to enter/edit compared to most other sequencers.
Configurable keyboard shortcuts.
Very helpful community.
Can be tricky to use at first for beginners compared to some sequencers (though the forum helps here).
No automated track freezing as yet.
No piano roll may put some off.
Pattern playlist arranger could be improved perhaps.
Having a little experience with standard piano-roll sequencers (Cubase, Reason), using Renoise is a breath of fresh air. It's a bit tricky to get into (notes are entered into a spreadsheet grid-like structure), but once you get the hang of it and get used to all the keyboard shortcuts, composition ends up much quicker than the aforementioned 'piano rollers', at least for me.
I love it to bits so I bought my copy recently, though the demo is fully functioning apart from a couple of things like downmixing to wav. But at least you can save your project to return to it later.