Pro Tools has the most prestige and branding of any Digital Audio Workstation (DAW) that I know of. It is the industry standard for professional recording studios, and you'd be hard pressed to find an audio engineer who hasn't used it at one point or another. Most audio …
Pro Tools is great for recording multiple different tracks of audio at the same time with live inserts that you can later remove/edit if they do not suit the track. It always makes a backup of any file you copy in which is essential when working with original copies of files for clients, and you can rest easy knowing that any changes made can be reverted without having to start over or having any work be lost. You can compile many different tracks for larger-scale projects and group or bus them together with ease. The software is very user-friendly for beginners and is a great tool overall for anyone looking to edit audio. The only instance it is less suited it would be if you're only making small audio edits with any adobe video software. Also if your business is not heavy on audio editing or recording it may be a costly investment.
Sound Forge is great for when you need to edit a lot of audio, like interviews, spoken word, podcasts, monologues, presentations, lessons—you name it. When you have a lot of audio to get through, Sound Forge can make it go by very quickly by using such features as the markers and hotkeys for normalization, inserting silence (where needed), graphical fades to remove audio artifacts, and so on. I've been able to edit a 1 hour interview in 2 hours, having made hundreds of edits in the process. Sound Forge is less useful for situations where you want to hear a realtime effects chain, or record with VST effects on. For instance, if you want the person being recorded to hear their own voice through headphones with reverb and compression applied, I do not know how to do this in Sound Forge. I think it is impossible, but even if it is possible, it is not readily apparent how to do so.
Markers - You can rapidly edit spoken audio to remove pauses, "ums" and "ahs," by using the marker feature while listening to the audio in realtime. Then, you go back and cycle through the markers and make the edits very quickly.
Hotkeys - Once you've learned the Sound Forge hotkeys, you can rapidly perform a number of tasks related to audio editing and mastering.
Fixing Clicks and Pops - The Graphical Fade feature allows you to easily draw volume envelopes in extremely short spans of audio, to successfully remove clicks and pops without affecting the rest of the sound.
Organizing VST Plugins - Sound Forge has a nice way of organizing VST effects into folders so you can put your most regularly-used plugins in a "Favorites" folder while organizing others in a sensible way.
Loop-Based Production - Pro Tools is still in the old world of audio recording where you're expected to record a track from live sources. It has less features aimed at production of loop-based music like electronic music and hiphop.
Sample-Based Production - While you can sequence samples, you are expected to use MIDI to trigger the samples, for the most part. Of course, you can sequence them out without using MIDI to trigger a sampler plugin, but that's not the use case Pro Tools was designed for.
Creative Ideation - Pro Tools expects you to figure out what you want to record first, and does not have tools for helping you produce or create the music.
Batch Processing - While I like a lot of things about the batch audio processing in Sound Forge, the inability to hear the effects chain is limiting.
Performance - Sound Forge takes a long time to open large files the first time they are opened, as it draws the waveform. It also takes a long time to save large files, every time.
Inability to Listen to VST FX in Realtime - Technically you can listen in realtime, but only from the beginning of the waveform, rather and it is not easy. You have to open the VST effect and turn on the "Preview" mode which starts the audio from the very beginning, without being able to seek.
Inability to Chain VST FX - You have to apply one, then apply the next, then the next, in a destructive mode. The only non-destructive way you can test out different FX chains is by applying them one at a time, and then hitting "Undo" over and over to get back to an earlier state. But you couldn't, for instance, add a reverb, then add compression, then go back and change the reverb. You'd have to undo the compression first.
FX Preset Management - You can save FX presets but it does not save your last-used settings from session to session, and with some VST FX plugins, it doesn't even save them between application, undoing, and attempting to apply again.
The times I've had problems with Avid, they've responded within about 48 hours, and most of the time with a reasonable solution. More often than not, however, I've had to resort to forums to get answers, because when I'm having a problem with the software, I can't afford to wait 48 hours for a solution
I've never contacted MAGIX for support, nor Sony or Sonic Foundry before them (Sound Forge is on its 3rd developer now). But I've always been able to find exactly what information I needed through the support of its large user community. There are a number of audio engineering forums available where you can search the post history to find out how to do specific things in Sound Forge, or you can make a new post if you are running into an issue that has not already been solved.
As discussed above, these other products are likely better suited for home audio production, especially based on their integration of software instruments and their surface-level interface and tools. Pro Tools excels as a tool for professionals, who need to move audio along efficiently towards a polished form, especially in the context of vocal production
I tend to use WaveLab for recording, because I can apply effects chains to the audio as it is coming in. So, if I'm recording a singer, I can give them reverb, compression, EQ, and other audio effects in realtime going into their headphones. I'm still recording the dry signal, so I can change all of those effects later if I wish. Sound Forge does not have a way to do this as far as I know. Where I do prefer Sound Forge is audio editing, specifically of spoken audio, although it is quite useful for music as well. I worked for a company once where I had to edit hundreds of testimonials. I was paid on a per-testimonial basis, flat rate, so I had a strong incentive to get them done as quickly as possible, without sacrificing quality. I would listen through a testimonial all the way through, marking every area that had a long pause, an "ah" or an "um," a click, pop, or other undesirable audio artifact. I could then cycle through the markers and fix all the problems quickly.
Sound Forge has had a very positive impact in saved time editing files. It would have taken me hours longer using WaveLab, Audacity, Adobe Audition, or some of the other competitors for tasks like editing interviews.
Sound Forge has also had a positive impact in saved time through its batch processing features which allow me to normalize and apply effects to a huge set of files all at once.
Sound Forge has not had any negative impacts that I am aware of beside the cost.
