Audacity is wonderful. Aside from being powerful, it's also free. The algorithms aren't the most efficient, perhaps, but Audacity is speedy enough. Plus, the ability to use VST plug-ins greatly enhances what it can do.

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Quite true. Sure, it doesn't compare to some of the more expensive digital audio production apps out there, but it does what it does quite well.

I've also tried Ardour, but haven't done much with that as I don't have anything to mix down into the Mac (which is what's running it). Ardour is VERY rich in features compared to Audacity, but the interface does take getting used to. But then again, that won't run on classic Macs.