Here's a new screenshot:

Here is an mp3 I made today while testing it (the project in the picture is the project).

The v0.5 preview release should be ready within 2 weeks. The main big features that are not done yet are envelopes and busses, and there a lot of small features planned that are not in yet, but having said that, it's coming along very nicely and there's already a lot of great features and customizability.

Some features added since the first update on this that are especially nice:

+ DirectX plug-in support

+ peak building on the fly when recording (no more waiting after long recordings to build peaks)

+ media item segment looping (so you don't have to actually create a new file to make a loop of a part of another file)

+ you can arm/dearm recording for channels during playback (soon you will be able to while recording)

+ you can change channel recording sources while recording

+ plug-in architecture

+ dynamic audio generation capabilities, i.e. "click track" item.

+ you can use mp3 (VBR even) and OGG (multi-stream even) files directly in your projects

+ I updated NINJAM's cliplogcvt so that it can output to the REAPER project file format directly, making it very easy to use REAPER to edit/remix NINJAM sessions.

And of course, the most of the more standard features one would expect are done, such as:

+ High quality 64bps processing (though higher quality resampling modes still need to be finished)

+ Unlimited undo/redo support

+ Item fades

+ Snapping

+ Automatic crossfades

+ Selection loop support

Stay tuned. If you do some creative URL modifying, you can get a tasty treat.

Recordings:

somenewtest-reaper