You can do some incredible things with Reason. I did not choose it simply because it does not support Vst or Dx synths and effects. I said it above... It has some cool synths and "refill" ( sample ) packs, but you cannot expand beyond what Propellerheads offer, and my very reason for going the software route is to have as open a platform as possible. At this time, Vst, DX, and sampling in general offer the most paths. Also, aside from having the quality of built in synths, FL and Orion can for the most part do anything Reason does. Their approaches are similar in many ways.
I tried Project 5 version 1. It is more in line with FL and Orion Platinum, in that it does support Vst and DX technology. I did not like the interface ( particularly the way the sequencers are setup ) very much at all vs FL or Orion. Also, midi implementation itself was very limited vs the FL / Orion. I have not tried Version 2, but others have stated that it is much improved so perhaps I would find it useful to me. I'm happy with what I have already though, so no need for me to find out.
All of these have working demos, so perhaps it is best to try them out and see which works best for you.
AJ
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AJ