That's basically it...
A full implementation of ReWire 2 on Record 2.0 (as a ReWire Master), would allow us to get MIDI-OUT and Audio Input (as well as Audio Output of course) through ReWire to a ReWire Slave application.
Implementing a technology developed by PropellerheadSW (ReWire 2)
would avoid supporting more non-PropellerheadSW technologies while avoiding all the VST/AU mess users are afraid will drag Record to the mud if it supported plug-ins directly.
A new ReWire rack Device would provide the needed "hook" between the sequencer track MIDI output and the Audio Send/Return (Out/In) to/from ReWire... or just upgrade the existing "P-LAN" rerouting for the existing Audio and Mix rack Devices.
So... if PropellerheadSW themselves won't make that lightweight hybrid ReWire Slave + VST/AU host application, any other clever software company would grab this opportunity to make it with MIDI-OUT (simply rerouting to a MIDI port what's sent from Record through ReWire) AND support for a VST Hosting rack, where VST instruments and Effects would receive MIDI and/or Audio and send the Audio back through ReWire.
Those that don't like or don't need VST/AU would simply stay well away from this little lightweight hybrid Slave Host
application and go on with their happy lives and those that scream for VST/AU support, would simply jump on it and... be happy (or not, depending on the stability of both this app and the VSTs you use).
One extra feature that might show up, if ReWire Mastering was implemented, would be the possibility of Record 2.0 supporting MIDI-OUT natively, since 90% of the MIDI handling code would have to be in there to support the full ReWire 2 Master feature, so... a couple more code tweaks and Preferences tab could make this happen (I would like to think)