I've used Pro Tools LE since 2001 and switched to Reaper about 2010. Don't know much about other DAWs, so I can only compare it to PT. Reaper is fast and light, the exact opposite of bloatware. The download is only 7-13 MB (depends on your OS). The application only takes up 42MB on my system. It launches in under 5 seconds. It only costs $60. And yet after recording and mixing several CDs with it, I can honestly say that there is NOT A SINGLE THING I miss about Pro Tools.
Reaper does things Pro Tools can't do. It supports things like FLAC and OSC. It supports older systems like Windows 2000, OS X 10.4, and even Linux. It has a built-in programming language that lets you write your own effects. It can be a rewire slave, it can receive MIDI via rewire, and it can handle multi-channel MIDI files.
The only thing that some might consider an omission is the lack of built-in software instruments. I say, just download some of the many free VSTi's to be found here, and skip the bloat.