Don't know about using it with Reason, never tried. Tracktion is my main recording/editing program. I love its simplicity. In a few days, T2 is supposed to come out, and its supposed to have a lot of new features and plug-ins. Check out http://www.kvraudio.com/forum/viewforum.php?f=22 for more info.
I like it a lot. I got the free version they were giving out a couple months ago, and it's working well for me, since I use VST plug-ins and ReWire. I'll probably upgrade to T2, after it's been out for awhile.