If you're sick of vast, bloated sequencers (even Tracktion is a 20mb download), and you're using a PC, you might want to look into Reaper, a multitrack studio designed by Justin Frankel, creator of Winamp. He's spent his millions charmingly over the last couple of years, developing the Jesusonic guitar effects system and Ninjam online jamming system. Reaper looks interesting. It's currently in Beta, with no MIDI support or VST plugins, just audio recording with a few built-in effects and DirectX. (Thanks, Jordan)