is V-Studio 100 any good for replacing workstation???

The VS-100 is not a multitrack stand alone recorder! It does 2 Tracks (stereo from the mains out), and then you can layer those tracks. I would love it if the stand alone section could do separate tracks - but unfortunately it won't!  
 
Interfaced with a computer and a DAW - that's a different story and the VS-100 truly shines!
 
EDIT: The V-Studio has MAC Drivers, but Sonar VS (the DAW software) does not run on a MAC. No version of Sonar runs natively on a MAC. (it can be done with Bootcamp and a copy of Windows installed on the MAC)

Sure, you can mix all 8 tracks to a stereo mix which is what gets recorded to the SD card. Keep in mind inputs 7/8 are digital inputs not analog. You can't use them unless you have a device that has digital out (mixer, amp simulator, mic preamp, etc...)

The tracks can certainly be brought into Cakewalk/Sonar (or any DAW), and it does sound great!

The SD Recorder does sound on sound, but with a bit of a twist. I'll try to explain.

1: Record a track
2: Listen to track 1 while recording a new track
3: If you listen to the track you recorded in step two, you will hear both track 1 and 2 which is proper sound on sound. BUT  - if you import the tracks into Sonar, you will realize the parts are 100% separate. If track 1 is a guitar and track 2 is a voice - you will have full separation and mixing capabilities once the parts are brought into Sonar (or any DAW). You just can't mix them from the VS-100 alone.

Sorry for the delay.

No - it will just be a stereo track! The only thing that gets recorded on the SD is the output from the main mix. The Main Mix is just Left/Right (stereo).

I really wish this could do a true multi-track recording (8 tracks or even 6 tracks) to the SD card myself, but it doesn't!

In fairness - the two products (VS-100 and BR-1600) are completely different devices.
One will not do what the other one specializes in.

I will agree the BR is likely a better choice for you judging on what you have said in this thread, but that does not make the VS-100 less of a product. It is a very specialized device, and worth every cent - IMO

As far as I know the VS series is still supported.

The latest drivers and firmware just came out earlier this year, and I dont know of any bugs that are outstanding. (there are little annoyances like not being able to route internally, but that's a feature, not a bug)

In regards to drivers, the new QuadPre and Octa Pre use the same driver family, so with newer compatable products coming out I suspect the VS will still be supported for a while yet!

Good point! I don't use the VS-100 in the same way so it doesn't affect me at all. In fairness, that doesn't mean the problem does not exist.  Whether or not it is a bug or just a missing feature could be argued. I think the wave recorder could use some improvements, but that doesn't mean it doesn't work well.