Pro Tools Free is pretty good (if you have Win98). The biggest plus I think is that it has MIDI support and comes with plugins for EQ, compression, reverb, and some other stuff. I think it's limited to 8 tracks.
I used CEP 2 for a while and while it had its strengths (wave editor, excellent noise reduction feature) it crashed *way* too often, especially when accessing plugins. I switched to Sonic Foundry Vegas and haven't had any problems since. It's even easier to use IMO than CEP.
If you want the most features, I would look at Steinberg Cubase, Emagic Logic Audio, or Cakewalk Sonar.