Cubase can even make a fine host for live performance, should you decide to trade your rack of effects for a svelte laptop that patches directly into the PA system, as you can switch instantly between racks. When you have a setup that you like, you can easily save it as a track preset - or, better still, create multiple track presets for different types of sounds. So think of Cubase as 'virtualising' a pedalboard, then bringing it into the studio so that its output can go to studio rack processors.
Furthermore, you can add some quality 'studio effects', like the new Reverence reverb, as send effects. A VST audio channel in Cubase offers inserts for up to eight series effects, including an amp simulator, so you actually have more options than with many pedalboard setups. But you don't have to, because you can assemble some pretty amazing 'guitar racks' in Cubase: it's just that Cubase takes a more à la carte approach, where you need to draw on the existing effects as if they were stomp-boxes. With Apple including their Guitar Amp Pro plug‑in in Logic, Sonar coming bundled with Native Instruments' Guitar Rig, and Ableton adding their new Overdrive plug‑in to Live, guitar‑slinging Cubase 5 users might initially feel a bit left out. No guitar effects in Cubase? Actually, there are more options than you can count.