I've been using Goldwave longer than almost any audio editing software, ever since I starting working with computer audio over 10 years ago. It is a basic audio editing program that can easily trim, fade, mix, and pan audio files. I generally use it to trim off the silent ends of completed songs, after they've been exported from my DAW. It can also easily convert to mp3, which always seems to be a hassle with my DAW. It even has a batch function to quickly convert many audio file's formats. You can even process audio with DirectX effects, and it has a slew of FX of it's own, including pitch, flange, and mechanize.
Unfortunately, Goldwave is not compatible on Mac OS systems, so I still need to find another audio editor for my projects on my new MacBook Pro.
One of the advantages of Goldwave over some large-scale audio editors is that is is lightweight, and quick to open. I've never had any stability issues with it, and it could easily handle and process hour-long audio files. The interface is clean, but just enough detail to be useful, and not overwhelming.
The quality of the sound and, notably, conversions to mp3, are great, as there are no unusual sound artifacts (outside of what is expected of mp3). This is true even though the algorithms are not well known like LAME.
As I mentioned earlier, I've used this program for a very long time, and although the interface surely looks dated, I've found no functional reason to switch to anything newer. It simply gets the job done.
Overall, this is a great product, if you don't mind it's dated look and you are strictly working with Windows operating systems. It does a little of everything, that you'd expect from an audio editor and recorder. For as little as $20 for a single license, it is certainly affordable. Like most software, it is best to try it out, and see for yourself.