The new VST Outputs (Devices - VST Outputs or just press F4) window in Cubase 2.0 allows you to create, save, and recall input/output preset configurations. You can setup a specific input to be labeled in Cubase as "Kick Drum Mic" or "Keyboard" or a specific instrument you frequently plug into the same physical input. This makes your inputs on your tracks more friendly and less confusing. You can do the same for the outputs- you can now label outputs as "Main Speakers", "House Speakers", "DAT", or whatever you like.

To label the inputs or outputs, just select them under Bus Name and select the appropriate physical input or output at the right. To create more, choose Add Bus. Remember to save your configurations as you will most likely want to use them in other projects.