For the price (fourth-fifths of s*d-all), it's fairly good - although I don't use it myself in day-to-day use.  I much prefer the "standard" Audtion, which is the new name for Cool Edit after Adobe took it on.  Then there's my affair with Sadie, oww yes ;-)

However, Audacity is certainly a good start.   Now - Who wants all these razor blades and chinagraph pencils ?

Regards,

--
Charlie