I follow the 'correct tool for the job' approach when it comes to editing music. If I'm producing something like a skit with multiple tracks, with soundtracks etc., or repairing a recording that got hit by stream buffering, Audacity will usually fit the bill. I use it mostly, however, to extract individual songs from a recorded stream. Once these are all saved out to a folder with a CDs worth of music I hand them over to iTunes for Audio CD burning, I encode them to .mp3 with bladeenc (a command line batch encoder that uses LAME), tag them with a script I wrote that tags based on the file name, then hand those over to iTunes to live in a library for my iPod.
