Ableton, Acid, Audition, Cubase, Sonar, Nuendo, Logic, etc. can do too.

I'm not a PT hater, but I try to cancel out some of the hype for reality's sake. PT is a multitrack audio app like those others, and it does the same things those others can do. PT *MIGHT* have an advantage in having some strong in-box native effects, but even those don't really kick in till you put down the $ for the bigger pro packages. Beyond that, it's a matter of interface preferences, though of course PT does enjoy the super-easy session transfer with so many people using it (thanks to smart and effective marketing).