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It can't be compared to Logic. Logic is a sequencer. Reason and Project are virtual studio's with a basic sequencer integrated. If you should compare Logic to something, it would be other sequencers like Cubase, Sonar or Protools.
As for Logic, you can hardly find any better sequencer. The learning curve is pretty steep, but once you mastered it it's one of the most powerful. Some people prefer Cubase SX, it has some nice features, but the sheer power of Logic still surpasses it. And for the professional studio's, there are addons for Logic so they can integrate perfectly with Protools (and even use their DSP effects).
Those sequencers are made to use with external hardware, but with the upcoming of software instruments they have their use too (altough Cubase has better compatibility with VST, as Steinberg invented it, Logic has some nice instruments though ES2 for example). I dunno if you're on Mac : Logic is only supported on Mac since Apple bought Emagic, there are cracked versions up to 5.5 on PC, but that's about as far as they'll go I suppose.
If you intend to go hardware or stick to software instruments. Either way, Logic is a fine choice. If you look for alternatives, take a look at Cubase SX/Nuendo, Cakewalk Sonar, or if you're more audio oriented, Protools.
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