When CW appeared to be dead, concerned about the future viability of access to older projects I tried the reaper conversion thing and it was a complete mess tbh. It opened the file and had some semblence of having some tracks present, but that was about it. Everything was all over the place and selecting play produced nothing but garbled noise (don't be mean now).
I say this not to have a go at azslow's work as I wouldn't know where to even start such an undertaking, but just to point out that in my experience it was very far removed from a one click solution to converting from one to the other and it might be somewhat misleading to suggest that it is.
As for Reaper, I seem to remember there were some features that seemed nice although I can't remember what they were now, but the plug-in menu system sure needs some work....ugh. My overall impression of it was probably not helped by the sample project that I downloaded from the website. I couldn't figure out if it was supposed to be a joke or not, but it was truly frigging awful (and that's coming from someone who very much knows that his abilities are somewhat limited). Suffice to say that I came to the conclusion it must have been created as an opportunity to practice the use of melodyne if/when they ever get the ARA integration sorted.