Reaper does measures and beats per minute, VSTi virtual instruments, Rewire and remarkably good pitch and time compression without artifacts. Reaper is designed for musicians and is very similar to Acid Pro (some may say better even though it costs quite a bit less).
Reaper is a great audio editor with a promising future. It doesn't replace Nuendo or ProTools for audio post (needs OMF, full surround, some edit additions, etc).
But all in all, it's pretty amazing being a one-man developed application - fastest turn around on fixes and updates of any audio app as far as I can tell.
Very fast to open, snappy and very flexible routing, configuration, editing, etc. It is developing a great workflow (currently less intuitive to setup for some applications than Nuendo - mainly midi - but getting better).
For video guys wanting to stay in one app, or needing surround, it probably wouldn't be as useful, or needed. But if you want more flexibility than Vegas for audio and better editing, then it's worth trying out - free evaluation, fully functional. Hard to beat for the price as well.
I think it looks like Vegas because (I think) both use the OS's native GUI system where Cubase and Nuendo use custom graphics (ProTools has its' own graphics layer as well I think).
I use Reaper from time to time for quick edits and sound design as rendering is quite flexible - batch render as well. It literally opens in 3 seconds, and I have an audio file on a track to edit in less than 10. Key commands are completely customizable, and much more extensive than Vegas or even Nuendo/Cubase or ProTools. It's more of a true DAW than Acid, which is more of a loop-based audio program.