I have Reason 2.5 and it is quite good. Basically, it simulates an audio rack and you can simply add all the synths, samplers and effects you need and then turn the rack around and cable it up the way you would on a real rack. The amount of stuff you can add to the rack is only limited by the power of your PC. If you have a nice PC it's a good alternative to spending thousands on the real thing.
It uses Rewire for linking to other music programs such as Rebirth, Cubase, Logic, FruityLoops, etc. The only major problem I found is that it doesn't support VST or DirectX plugins natively so, unless you're using it with another package, you're restriced to Reason plugins and synths which sucks. I would recommend using it only as a Rewire client from a larger package like Logic or Cubase as then you can have the best of both worlds.
What business is it of yours what I do, read, buy, see, say, think, who I fuck, what I take into my body - as long as I do not harm another human being on this planet? - Bill Hicks