Missionwise, I am floating somewhere between the rappers and the movie composers.
When I "get my feet wet" with the VSL stuff, I would love to be able to bring some acoustic tracks, (vocals, live percussion, acoustic guitars etc), into the VE/VI Pro environment, complete with the Vienna suite, and mix them there with some VSTIs.
Even if the DAW doesn't record audio, being able to do ALL the MIDI stuff, render it to audio, edit the audio, would be sweet!
In terms of competing with others, this would be for a different type of musician. I wouldn't say that Live, Reason, Fruity Loops are trying to compete with anyone, they seem to do things differently. The people use buy them do so because they suit their way of working.
This app that we are discussing would be doing thins to suit the way we like to work.
My GY$0.02.