Yeah I always felt a Splat folder was under used where in Reaper a folder is like routing tracks to a bus with a visual wave profile of all tracks in folder.
How awesome is the "Auto Colour/Icon/Layout"
Double click on any empty space in the track pane creates a track, then name it and it automatically set track to predetermined settings for Colour, Icon, visible in mixer and or track view. What a time saver :)
I also like that a track is just a track, you open a new track and what you do with it determiners if it's a audio, midi, folder bus and so on.