All true. Ardour and Rosegarden are better as far as multi-tracking goes, but still. The killer app (but not open source) in this space is Reaper, which runs on anything, 32/64 bit, free to use and cheap to buy, yadda yadda. For real work I use Adobe Audition.

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.