Big news for anyone working with audio... Here's some free software for you to try.
Adobe systems have today released an open beta version of a program called 'Soundbooth'. The software promises to offer some direct competition to Apple's 'Soundtrack pro'. Soundbooth beta is available for both PC and (intel) Mac here.
Currently on the Mac (my platform), the best sound editor is probably 'Audacity' which is another free download but I will certainly be beta testing this one with interest.
***UPDATE*** Anyone looking for MP3 support will be disappointed with this beta as the encoder is not licensed for use in this beta version.