Awesome 
Is it better than the G35 software?
No, because it's a different type of program.  The Razor program basically emulates 7.1 surround sound through software, which is why it can be used with any stereo headset/earplugs and probably will not provide any benefit at all with headphones that already provide 7.1 surround sound.  Though, now I am kind of curious and will try it with my Logitech G90 headset and see if it does anything.  But with stereo headphones/earplugs, I can attest that it does give a much more rich sound.  
You can test it yourself on their website.  There is a little applet that lets you test it out before you decide to download it.
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