As a Reason user for several years, I'm floored. Not merely that these guys have basically built an entire platform for a browser-based Reason competitor, but by the sheer, astounding quality of the implementation.
The UI feels incredibly well thought-out, the virtual hardware artwork can only be described as a labor of love, and all the little UX things in a project that take way longer to get right than they seem, from the selection of device connections to way the cables lay around devices, feel like they've been iterated within a stone's throw of perfection.
If this were available on the desktop with MIDI support, it would be the first AIR app I'd actually pay money for.