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Had a chance to play with REAPER yesterday. That thing is impressive as hell. It’s still beta and lacks MIDI capability, but even without that it’s very over the top. In a less than 1 meg install (700k without the sample project included) it offers a lightweight, rock-solid multitracker with:

• multiple takes per event
• group tracks
• ASIO support
• sends
• track automation
• punch-in recording
• cross-fading
• direct-x/vst/jesusonic plugin support
• effect chaining (as well as rearranging on the fly)
• ability to export all tracks

And a lot more. Interface-wise if you’re familiar with Sonic Foundry’s Vegas or Acid, you’ll find it easy to jump into. I think once MIDI’s in there, I’ll be giving it a shot for a full project. It’s extremely competitive with software that costs hundreds of dollars.