to my knowledge, fruity loops in it's current incarnation can do both of these things, which sets it apart and above softsynth "studios" like reason. it has gotten to a point where it is more or less a DAW.
in fact, when it really comes down to it, if a "softstudio" can load 3rd party plugins, it isn't fair to compare reason to it. reason sold based on the quality of sounds and features it contains within it. if you really look at it, the program is no more than a giant softsynth workstation. it's a synth module, it's an instrument, not a studio. i would view reason more in from the perspective of comparing it to other workstation synthesizers. you could buy a triton, a motif, a fantom, or reason. that's all there really is to it. the sequencer built into the program is adequate, nothing fancy, definately not spectacular by any stretch of the imagination. granted, there's people pushing the limits of the program using it for all their needs, but there's people with fully expanded triton/motif keyboards that are doing the same thing. importing vocal tracks into the sampler, constructing and mixing the whole song within the "box".
i think the argument, though, as to whether reason is the best thing out there or not is a little ridiculous. granted, propellerheads promote it as being all you'll ever need because technically you can get away with doing everything within reason. not to mention they love to publish interviews with and stories about reason users who have sworn off all of their thousands of dollars of real analog gear and minimoogs and prophet 5's and obie whatevers because reason is absolutely the cat's ass. but it's all hype, and at the end of the day, the softsynth studio is simply a softsynth, no more no less.
blah... i've babbled far too long on this... probably reiterated points made a thousand times over anyway. i'll shut up now.
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this thread is a great starting point for someone in the market for a softstudio though, and I appreciate all your input guys...thanks for taking the time. 
