Propellerhead have chosen to make their system 'closed' in a way - very similar to their Reason product is with MIDI.

It does ReWire however, as I believe Propellerhead may have been the company that invented ReWire. Folks used Reason for years ReWired into other DAW software, and likely Record will be similar. My guess is that it will not have the penetration into the market that Reason had because of this closed nature. I predict that it will be a small player in sales volume, compared to other audio programs - very likely because of lack of openness to plugins, which means that it will be difficult for folks to use it as the heart of their recording/composing setups if they already have an investment into plugins. Folks that have that investment will be required to hang on to their 'other' DAW that does allow for plugin use.

I know about heartaches with plugins. Doesn't mean you shouldn't give them a try or shouldn't encourage people to try them. I've been using plugins now since about 2003/4 time frame - appreciating the love they gave me for the occasional heartbreak now and then. People that are using multiple instances of the same plugin, or trying to do an audio project where 10+ plugins are 'live' don't understand how digital audio and/or computers and/or audio works in general from a hardware sense.

Those type of folks don't understand one or more of the following:

1. They don't know how to 'print' effects in the hardware and tape world. All DAW programs worth their salt have a way to print effected tracks to either a summed 'freeze' track, or at minimum, to individual audio tracks. Learn how to use this in your DAW just like you learned how to do it properly with tape. If you don't know this concept, time to learn or be prepared to have heartache. Just like flowers and chocolates, if you get my drift.
2. They've never worked with real hardware to know that you probably don't have 5 different hardware reverbs or delays wired up on separate buses in a modest hardware based studio, and yet they've got 5 different reverbs and delays employed that they are trying to use simultaneously (those are the real CPU hogs in plugin world).
3. They don't understand busing of signals in general. This is the most effective way to get around the issues of loading the CPU with unnecessary reverb tails from multiple tracks. Pick a reverb, or if you have to, two, and put the thing on an aux bus at full wet, then route the channels you want effected to that bus at appropriate send levels for each track. Done. CPU from 5 years ago now happy.

There are probably more that I'm missing here, but understanding these concepts is the first step to avoiding heartache with plugins. Like with any love affair, there are some general etiquette rules of the system that. must. be. understood. to. enjoy. the. system.