I’ve been following Justin Frankel’s REAPER project ever since Brad pointed it out. It recently went 1.0; it’s up to v1.06 now. It’s a well-conceived multitrack audio/MIDI editor for Windows that’s highly configurable. I’ve barely scratched its surface using it to edit, master, and render the last few BDFL podcasts. However, I know it’s for real, and at $40 for the non-commercial license, it’s a steal. Recommended. It’s unrestricted shareware, which means you can completely try before you buy. It’s too bad more audio software (especially plugins) isn’t like that.

A note if you buy: the RegNow service’s “download protection” add-on, which is offered when you make the purchase, appears to be useless. As long as you keep your issued key in a safe place, you can download the software from the REAPER site and activate it as opposed to relying on RegNow’s service.