I actually agree with a few of the points the OP is making. The compressor is incredibly nasty, downright glitchy with clicks and pops and unresponsive metering. Especially in peak mode it sounds like a bad digital compressor. I have the Waves SSL models and they sound wonderful so I'm not sure why the Reason SSL should sound any different. Though I do like the Bus compressor and the EQ. The EQ is does not sound or behave like an analog EQ (just compare it to Softube Trident), but the curves are musical and I love the E-mode.
What I really would like to see in Reason 7 are groups, bus channels and cross-talk emulation. It would be pretty awesome if they added a Neve channel as an option - lovely compressor.