One of the coolest things I ever did with Vari-Speed was to WAY speed up the tape and tune it to a kick drum, without pillow, etc, and play it to a song with a felt mallet. Then when we put it back at normal speed- WOW. Huge, in tune, LOW LOW drum sound. Everyone was blown away and realized I was a genius... duh!
Vari-Speed... I would be very surprised if the majority of the people who have been critical (in this thread) of those who want it bad have ever used it! And if they record many real acoustic instruments on the clock. Nothing wrong with that, of course- just wondering...
The thing that no one seems to have mentioned is that "Vari-Speed" is different from "Vari-Pitch" and "Vari-Tempo"- in an important way. Many computer alterations of audio have to stretch or crunch the music- and that can create weird sonic artifacts that can ruin a beautiful sounding recording. Vari-Speed, at least as it's implemented in Reaper, doesn't sound warbly or weird. To me, V-Vocal- while a cool tool- often sounds really weird. Unacceptable in classical, acoustic, or hi-fi music.
I'd guess- have no idea- that as Craig Anderton suggested- it's done with a global change to the sampling frequency, like the ADAT used to do. So it just plays the file slower of faster without recomputing it in an unnatural way. I don't know- just a guess?
But it sounds a lot more natural to me than the pitch change software (and audiosnap) that's currently available in Sonar. Which is critical if you're trying to do classical or acoustic music.