Reaper is a DAW that provides a great environment for recording almost anything. This DAW comes equipped with multiple MIDI inputs for recording from different controllers, non destructive audio effects, many editing options, processing tools, and mastering tools.
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Pro Highly affordable
The Reaper DAW offers 2 licenses. A full commercial license at $225 and a discounted one at $60. Both licenses give access to the complete DAW. The discounted license is for non profits, educational programs and personal use as long as yearly gross revenue does not exceed USD $20,000. There's even an indefinite free trial with no limitations for evaluation purposes.
Pro Supports unlimited number of tracks with unlimited number of effects
There are no limits on amount of tracks and effects that those tracks can be equipped with.
Pro Highly customizable
This DAW lets users change to different themes and has a lot of options when it comes to rendering.
Pro Constantly updated
Alongside generally quick pace of updates, Reaper developers pay very close attention to user feedback and are constantly adding features based on their requests so much so that some even consider it somewhat of a crowdsourced DAW.
Pro Auto-bridges 32-bit plugins in a 64-bit environment
When using a 64-bit installation of Reaper, all 32-bit plugins will still work alongside 64-bit plugins.
Pro Rarely crashes
Most DAWs have a tendency to crash constantly, reaper crashes very rarely.
Reaper 4/5 is lightweight enough to be run off of a flash drive.
Pro Simplified workflow
In Reaper, a track is a track is a track. There is no distinction among MIDI, stereo, mono, surround or any other tracks, and that means it's possible to put clips of all kinds on the same track. This approach makes the Reaper DAW seem a lot more intuitive than other DAWs.
Pro Multi-level freezing
A freeze can be applied to a group, and then picked apart track by track.
Pro Comes with ~300 free plugins
Pro Lua scripting can be done in the DAW with a built-in IDE
Pro Free Reaplugs VST/VSTi bundle allows usage of the basic bundled like EQ's and comp plugins in any DAW
Pro Supports ReWire
Pro Notation editor added recently
Pro Runs well on Wine in Linux
Con Lacks VSTs
Doesn't come with a wealth of VSTs or VSTis. Plugins for things like piano, cello, guitar have to be found elsewhere. But is highly compatible with other providers of those products.
Con No native groove quantize feature
Con No PFL metering
If you want to meter your input levels before your FX and volume fader, you'll need to insert a metering plugin as the first part of the chain, since there is no option for PFL metering.
Con midi drum editing not so fast or easy
Cubase has more features for creating and editing midi drum tracks.