hi everybody.
first, yeah, in reason u cant record live instruments, and yeah, u need some midi controller to use it well.
But, I started using Reason when it was still version 2, and I made my best works with ver 3 and now ver 4 since 2007, and I still don't have any midi controller. For keyboards ,I use Virtual Midi Controller LE from SoundCo Soft, it's small, it's free, and it gives u the ability to play your pc keyboard as a midi keyboard; for the audio latency problem, there's Asio4All drivers, that gives u better audio quality and muuuuuuch less latency with any ordinary builtin audio chip (I'm on an Acer laptop with a Realtek HD built in chip :V), aaaaand for the Vocoder thingy, Asio4All offers Rewschel, that emulates a Rewire input, so that , in Reason, u can connect a microphone to your mic/line in input, add a Rewire Input Machine, connect it as a modulation signal input to the Reason Vocoder, and use your synth sound vocoded in realtime... and if u wanted to record something to use in Reason, u could either create a .rex loop (if it's a loop) with Recycle, or import ur recorded files as samples for the builtin NNXT Sampler (Reason built-in sampler)... if u want to make something with Reason, u can do it, u just need to use your fantasy a lli more :)
Oooook enough offtopic questions, let's talk about Record:
As I saw the Record page on the Propellerhead one month ago (more or less) I was like OMG THEY DIT IT *_______* and I still am with the omg face xD I'm a guitarist too, and I'm a composer too, and I think that Record will surely expand my musical horizons to the furthest possible... yah, maybe the builtin line6 patches could not be that good, but hey it's still a Propellerhead software, don't even think that u cannot modify them in almost every way u could think!
For the third party support I agree with you, the use of other softwares or plugin whitin Record/Reason could be veeeeeery useful for almost everything (for example: using the Native Instruments B4 II within Record/Reason via VST *___*)
Conclusion: I'm very excited about Record, and I cant wait to get my hands on it!!