I have Reason 6, Ableton Live 8 and Reaper 4.
For production I pretty much only use Reason, I got introduced to it with version 4 which is at my colleges computer music lab, and fell in love with it, and bought Reason 5/Record for my birthday. I think it's a great DAW with great tools for music making and back of the rack wiring is just so FUN. It really appealed to the DIY dork in me, I love trying to emulate other commercial plugins using Reason devices, I see it more as a challenge, although I do recognize that in some cases it is a limitation. Totally worth it though overall!
I bought Ableton on a whim when I got some extra cash, and I love the features it has for performing, I'm still learning it and if I ever do get out and perform I'll probably end up using Ableton with an APC, track warping is too neat. I have no reason to move away from Reason for production at this point, but if I ever do get into using VSTs and other commercial plugins, I have a great host for it too!
Reaper is a great light and powerful DAW for recording and mixing, my old band got a license and I've been using it occasionally to help record them, although I don't play with them anymore. Great cheap alternative to Pro Tools IMO, plenty of quality, easy to use EQs, compressors, etc.