I have been killing it with Terran! Just wall up with supply depots and stop rushes. Then build up Thors and reapers.
I like to pay StarCraft II when I have free time. Protos are my favorite. I have battles with computer and always win.
Reapers have barely any use in the late game, 50 vespene is much better spent elsewhere. Any walloff can be brought down with a baneling push easily, you can't hold that off without siegetanks. I play terran as well but the strat you described is only good versus bronze league players and computers. Also gl playing from just 1 base in higher ranked matches. MMM ball with stimpacks upgrade, siege tank support and vikings covering the air is what wins battles for terran.(add ghosts in the mix if you are playing against protoss).
Zerg FTW for me. I usually play in 2v2s and Teamwork plus Communication is Important. I found out that discussing possible Strategies is also Important before the game. Do note that I'm new in the game but my Partner is a Veteran.
Protoss have always been my favorite bar none, though i have been trying Terran out a bit more these days with SCII.
Definitely Terran, might be because i am a newb and seems like its the first race people use but nothing like microing some early marauders to fuck shit up