(Ok, so I understand that this is probably not the recommended way to use Audacity, but it's infuriating nonetheless.)
I use Audacity to record music from each stage independently at multi-stage festivals. I can go to Wal-mart and buy 300$ laptops and use USB soundcard devices to get my 1/4" or XLR inputs, and it definitely works well enough. The biggest advice I can offer anybody is DON'T RUN OUT OF DISK SPACE!! Audacity can easily handle ~18 hour recordings, I'm going through one right now. However, if you run out of disk space, the ENTIRE PROJECT FILE is useless. It overwrites the beginning files, destroys the metadata that ties all the 2MB files together, and takes countless hours to repair. Now, when you're the only person who is hitting that 'Stop', 'Save', 'Record' button on one laptop, it's not bad. But, when you have 5 stages it's nice to do a level check and walk away. When you end up with 80GB of data (number out of my ass), and you only had 76GB free on the computer, now I've lost at least an entire day of productivity.
So, don't get me wrong. I LOVE Audacity, it works well, but there are caveats as TFS implied.
Also, Audacity, why do you do my edits inline? Have you ever heard of insert patches? I always have to copy my original track to a second track (oh great, ANOTHER 80GB data chunk, just so I can edit?), edit and master to my heart's content, then delete the original when I'm satisfied. If anyone has ever used ProTools or Cubase or Reason/Record or any of the 'big name' tools, you'd understand why Aud's implementation is somewhat retarded.
Okay, time for another coffee.