you guys should check out the 3 part series on youtube about it
YouTube - Propellerheads launches their latest software "Record" and Keyboard Magazine has the scoop (pt.1)
they explain a bit about what they were thinking when the made it and why they chose to do what they did.
it makes a lot of sense. they sacrificed 3 party stuff to get streamlined, quick and very stable it seems. Only time will tell just friendly it is to work with. also, just to hammer in the fact that this isn't a replacement for other daws they provide a very cool easy way to bounce tracks seperately or however you want it seems... again, we'll see how it all comes together.