Since I am not ready to write a whole review about reap, while waiting for further development of the editor, I would like to emphasise on 3 aspects. Before, I need to point out that I skipped the numerous video shortener and repurpose products here, as I was not convinced when watching reviews on YT.
With reap it was different, I didn't wait for more of other peoples reviews but jumped right in when I had watched basant/saas guru's review 2 months ago.
For my first try I used low quality phone clips with poor audio of a group of african french speaking people.
I enhanced the audio with Xound and gave the freshly exported clips to reap for transcription and distillation:

Transcription: In comparison, actual version Premiere Pro didn't transcribe half of the audio where reap reached almost 100%. Reap is the clear winner.
Clip Creation and understanding, analysing content: From 5 and 14 minute original footage, reap created 4 to 6 different clips with captions. It made clips based on the peoples discussion.
It „understood“ the topics, isolated them, by starting with one speaker and ending with another speaker, cutting the clip right after a sentence that was part of the topic and before the next sentence which was not giving additional information. That made sense.
It also delivered a description of the content and ideas on how to improve the video. The AI elaborates on the topic and gives examples to improve the clip to better get the topic across. And there is a social media ready title and hashtags.

Editing: As someone used to Premiere Pro and its speed and workflow, editing on the cloud for me is always pain. This is the main reason I skipped other tools. These tools need to deliver by AI and reap delivers. To manually edit with reap there are two ways, the first is transcription based, and since the transcription is great, reap has the potential. The other is by choosing the presentation mode of the speakers and the output heavily depends on the input. Ideally these two would go hand in hand but at the time they were not ready yet because of buffering, later some errors. Issues were addressed very fast by support and resolved. In the meantime many updates were released, f. ex. The ability for reworking the captions was enhanced. I am confident the team will improve the editing part and I am looking forward to it.