I've used both for many years, mostly for midi production and post production audio editing. For straight audio editing, I find Pro Tools much easier, faster and more intuitive, but I think it's also just because I'm used to it. I'm sure I could get equally comfortable with Logic, but something about the audio editing just seems not as easy and fast as Pro Tools. Both programs seem to have some minor flaws which no matter how minor, prevent me from sticking with just one program.
In Pro Tools, its the fact that the loop playback / record doesn't quite function as gracefully as Logic or other programs. Can't quite explain it, but sometimes you have it on loop and it doesn't loop. Or you can't change the loop setting while its playing and have it automatically recognize that without stopping playback first. And the way the midi-merge recording works is not quite as graceful in PT as it is in Logic, Reason or Live.
I think price-wise, if you're working on small projects and budgets, there is a strong argument to be made for logic, because for $500 you get a TON of really good stock instruments and plug-ins. I really wish Pro Tools had some of the Logic plug-ins in it. PT definitely improved with the AIR stuff included in 8, but IMHO it's only catching up to what logic has already had for years and Logic's stock stuff is still superior. A couple examples are the Space Designer, the ES2 and the EXS24. All Plug-ins that are equivalent to stand-alone 3rd party stuff selling for a few hundred dollars on their own. Kinda makes the $500 price tag for logic a REALLY good deal. Logic is a kind of a better deal in theory. Plus, you can choose your own A/D converters and audio hardware? Nice.
But with that said, at the end of the day, I find Pro Tools more streamlined and less buggy. I find Logic infuriatingly buggy. OK... some logic nut is gonna jump on me right now and say it's all my fault because I haven't done this and that troubleshooting and optimization of my system. Why should I have to? I've had Pro Tools and Logic on 5 different macs with versions 6-8 of both and Pro Tools has always consistently outperformed Logic in terms of not having really weird bugs all over the place. TOTALLY an OPINION. Depending on how you use the programs, I'm sure there is someone who will claim the EXACT opposite and we're both right. You don't discover the bugs or design flaws in the features you don't use or if you don't use the system in a certain way.
They're both great programs and I'm glad to hear that the black lion mod sounds great. There's a thread in the listening tests forum
Mytek converter v.s. Digi 002 converter:A/B Test here! about the 002 stock A/D converters which is scary enough to make you never want to use those, even in a pinch! I've heard great stuff about the Black Lion Mods, but haven't heard the A/B test yet....