I'm a little bit out of date because I'm still running Reason 4, like Spanky I'm rewiring it into either Pro Tools or Reaper.
I think Reason makes more sense for musicians who have experience with hardware mixers / instruments / effects. Perhaps younger guys who've never seen a rack of actual hardware will be confused by the interface, but if you've ever operated a physical studio or even just a modular synth setup before, you'll find Reason's interface is very intuitive and simple to use, and you can get the results you want very quickly.
I've been meaning to get a copy of Record, I still haven't tried it, but most of my music is live these days, and if I am recording it's usually for somebody else in their studio not mine.