Nitebob I assume the paid version will have more tracks.
Yeah it's fully featured, with a whole bunch of extra toys (plugin's n things). For your purposes it's likely complete overkill.
There's a few versions (limited by tracks, 8 for the 'free'' one, 16 for $100, unlimited for $300 and then all the toys for $500 - all prices were last I checked, which was a while ago).
Nothing that Reaper can't do - just a lot more wysiwyg in Ableton. Reaper 's midi implementation confuses me too!