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I am rather new to REX loops, but they are interesting to me all the same. Since Recycle 2.2 is now but $99, I am thinking of getting it. Is this a total waste of money?

I found this video. Looks like it does a good job of showing what Recycle does. I don't own Recycle myself btw.

I think most people are of the opinion that what Recycle does should be included in Reason itself since Recycle is pretty limited. Seems like they charge a lot for what it does. But if it's something you're gonna use all the time and your music depends on it it might still be worth it.
Apparently they used to charge 250 bucks for it at one point which is pretty ridiculous. Reading some comments about Recycle it appears it hasn't been updated for a long time.

there are other threads about this topic

viewtopic.php?f=4&t=7502704
viewtopic.php?f=4&t=7505177

I would fully explore the limits of what you can do with Reason in terms of REX creation first. The main things missing are adjustable sensitivity of transient detection and quick tempo setting. I've found you can work around the tempo thing surprisingly swiftly (just right click>Disable Stretch on the clip you're working on, and then adjust the track BPM until the grid matches the clip.)
Its second-hand value seems to be low, so if you want it, see if anyone's selling their copy for cheap.

ReCycle should be integrated into Reason; or rather, adjustable transient detection and BPM detection should be included in Reason rather than deliberately keeping them out in order to sell ReCycle.

Half of Recycle has been in Reason for 8 years and you can make rex files with reason but it's about time they either put recycle in record's area or lower the price down by 75%.
I already own slicex and stuff but for people who stick to just reason it wouldn't hurt.