Ranked in these QuestionsQuestion Ranking
Pro Free, open source and cross-platform
Audacity is available for free on Windows, Mac OS, and Linux with source code available here.
Pro Well maintained
Audacity is constantly updated.
Pro Great community backing it
Pro Great for vocal track editing
Con Not seen as a full DAW
Audacity doesn't have the capabilities of popular DAWs and generally isn't considered to be good option.
Con No real time effects
Users are unable to change effects in real time with Audacity. If effects are to be changed, no sound can be playing or recording.
Con Doesn't retain audio integrity
Audacity uses destructive editing, meaning applying effects, cutting, etc is non-reversable after you've saved a project.
Con Unable to use Synthesizers / virtual instruments
You can only use effect plugins or record live with this DAW.