As for why you'd want to have low latency on a sample editing software, I do not really understand why. Unless you want to record and process effect automations. For that purpose, why not use something more like an audio sequencer? (Reaper -- pretty cheap -- or Logic Audio, Cubase, Ableton Live)
As for exports, Audacity supports ogg, mp3 and flac, which is pretty good. But no direct burn operation.
Who burns CDs nowadays, though?
In summary I think the only crime that Audacity commits is to look and sell itself as more advanced than what it really is: a simple sample editing software. So bad marketing and an incorrect apparent focus on musicians.
I guess it could also be important when using external processors.
Low-latency is good for performance, as in, for performing live. And that's it (Then again ask any church organ player about latency.. He has ton of it)
There is a load of fabulous OS stuff out there for hardcore geeks, from PD to Jack. But for those who are seeking free-as-in-beer software to get things done, open source is not the way to go. It's even worse with video - I hugely admire Cinelerra, but would not dream of using it for anything important.
I really had a terrible time last time I checked out Audacity.
I understand it's free of charge and you can definitely get some work done with it (if you aren't in a hurry).
The thing is I just don't think open source is competitive in that kind of market.
First of all: very limited export and import. I like my audio editor to be a hub where I can switch from one format to the other.
UI : I really don't like the UI I'm sorry to say I find it very ugly. I also have the feeling it takes a significant higher number of operations to trim, zoom, detrim, cancel, copy, etc. Maybe with time I could cope with it if I didn't have the choice. Ah, wait, I have a choice. :) In Wavelab you have a virtual rack in which you can plug in the VST FX, and tweak it in real time. It's really well done and the visual feedback is very helpful.
Effects : it's just not delivered with decent effects (where is the multi-band compression?) and good VST effects (such as the Waves Diamond Bundle) are expensive (> 3000 €). If you spend for 3000 € of FX, I guess you can spend another 400 € for an audio editor.
But the real show stopper was that Audacity doesn't support the audio output I need, that is ASIO. I need ASIO output to get the sub 40 ms output latency. I don't think it supports WASAPI either which would be a work around.
For home usage, Sound Forge Audio Studio is only 35 € and in my opinion much better than Audacity. You can burn you recording directly from the software, in Audacity you have to export to wav and then burn the track (unless it changed).
Hope this sheds some light.