This is not something new in other software but brand new in Reason 7. You can now Quantize & Stretch audio with ease. You can as well shuffle both the Midi & Audio in a single click.
Recorded audio parts can simply be Bounced into a Rex Loop and easily load in Dr Octo Rex. You can now easily slice audio or your samples only using Reason 7 without using Recycle. However, Recycle does have some advanced features that are still not available in Reason so this, at the moment, wont replace Recycle.
Reason 7 - Micro Tutorial
In this Micro Tutorial we take a look at audio slice markers in Reason 7. Whether you're quantizing your audio tracks for flawless timing, adjusting individual notes to re-imagine your phrasing, or just looking to experiment into unknown realms Audio Slice Markers are a powerful tool. And the best part? Thanks to Reason's legendary time stretch, it sounds amazing.