Reason rocks, I know a lot of ppl who dump their hardware in favour of Reason.

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Check out my latest track:
enLounge - Secret Beach

of course you can create a track all in reason, and it will sound decent. I've heard some really good stuff made in reason, but 2 things.

1) It takes awhile and alot of practice and tips to get really great sounding synths in reason.

2) I personally can usually always tell the difference between high end hardware synths and software synths.. theres just something in the sound that is lacking. This is one reason why most big producers use alot of hardware synths.

For reason to sound even remotely comparable to hardware synths, you need a good soundcard and a decent knowledge of the art and science of synthesis.