Well, I think saying that saying VEX is easy to use is a little misleading. It is a programing/scripting language and because of that there is a learing curve. If you've used RenderMan to write your own shaders or have been using MEL or C, then yes VEX is pretty easy to use, but if you've never had to do any scritping, then it's not so easy to use. Thats not to say that you can't do it, just be perpared for it. As far as being able to do most of the things you do in combustion in Houdini, I wouldn't hold your breath. Like I said before you can't do alpha channels with masks,currently there isn't any stabilization or tracking. Also the compositer is sort of stange compared to a layer based system--it's node based, meaning that each operation you perform has a node that goes with it. For example, a simple composit of two images may be something like this:
File Node (bottom layer) File Node (top layer)
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Over Node ( where both images are placed ontop of eachother)
If you want to do something to one of the layers you would inset another node between the File node and the over node, then because Houdini is procedural the node down stream will update.
Color corection could be done with a brightness and contrast node. The contrast COP (node) gives you control over each of the channels with a slider. So it's more like a histrogram than curves.
Off of the top of my head I can't think of a way to pick one color out of a "layer" and clone it into another . The thing to keep in mind with houdini is that it's procedural so you don't do a lot of picking ( or pushing and pulling points) to get the thigs you want. You generally use one of the nodes to access the information you want. You can animate just about everything in Houdini, if it has a user controlable attribute then you can animate it. Houdini also has a very powerful expression language and an abilty to referance any chanel anywhere, meaning that it is possible to, say have the tx channel of a ball driven by color value of an image. This is a little extrem but it should give you the idea that you can do just about anything in Houdini. It's weakest point is probably the compositer, which is why they are giving it a lot of attention in version 5. One thing you may want to consider is to contact SESI and ask for an eval copy.
--g