Yes, beatscape was another cool, unfinished tool. It was supposed to be Cake's ubersynth, has great loops, but never got to the point of being seamless. Much like the Matrix (a replacement attempt), it is a nice tool but remains unfinished. At some point I hope Cake does get something like this that just works, simply, and stays in time.
Personally, I think this is where half the DAW world (the ones who don't live and die by the guitar) is heading - looping.