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Bob, ProTools isn't a directly competitive product. ProTools, like Cubase (and Cakewalk, Digital Performer, AudioDesk, etc.), is primarily used for audio capture, processing and mixdown (ProTools is king here). They also do MIDI sequencing (which is Cubase's domain; ProTools is relatively weak here).
Reason mixes some basic MIDI sequencing with internal device sequencing capabilities (it's software sampler, synth, etc.), but it is particularly devoid of other features that the "workstation" packages have.
It's possible to get ProTools (and the proprietary Digidesign hardware needed to run it), and additional software like Gigasampler, Recycle, a soft synth or two, effects plugins, and more. Then you'd have more bang than Reason... at ten or twenty times the cost though, and with little to no percievable increase in fidelity.
If you run Cubase and Reason, you've effectively got everything you need. Top of the line software musical gear and workstation capabilities. And you can get both of these for $500-$800 USD - excellent deal if you're a serious musician or hobbyist. I seem to recall that Nine Inch Nails, among other big pros are using Reason.
I've used just about every piece of audio software out there, being that this is a major hobby of mine... that and I was originally an Audio Engineering student at uni. =)
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