A: Record does indeed look like it’s going to be a great recording/production package, especially for composers, songwriters, and others who are music-focused. It has some amazing features – we were blown away at a recent preview demo where the Prop-heads showed us how the time-stretching capabilities could be used to change the tempo of an entire sound (40 or so tracks) in real time. They increased the tempo by 60 BPM, then dropped it by 60 BPM, and the sound remained stellar. Then they completely blew us away by programming (meaning clicking the mouse a few times) a ritard at the end of the song, which played back in real time.
But to answer your question, no, you do not have to have Reason to use Record. Record is a self-contained application that has everything you need to record, edit, mix, add effects, and master your songs.
However, if you do add Reason, or if you already own it, then all of Reason’s rack modules and other capabilities will be available from within Record. The combination of the two together is stunningly powerful.