After a bit of reading it would appear that we a both sort of right about the cost of Reaper.
For your $60US you get the release you buy up to x.99 and then the following release from x.01 - x.99 but then have to stunk up for the next two releases and so on.
So in my case I purchased at 3.xx and got 4.xx with the full series of updates included and then had to pay to go to R5.xx
Should now be fully funded until R7.x comes out unless they change the business model.
I'm currently getting some pretty good results with Reaper and my very basic setup

The Squier Thinline,
STA-1 & Yamaha bass are the main weapons of choice
In the band room I'm using the same little Peavey mixer & Senheiser mic with a laptop