Adobe released a public beta of a new cross-platform audio application today called Soundbooth. Soundbooth "provides the tools video editors, designers, and others who do not specialize in audio need to accomplish their everyday work." Soundbooth is not an Elements product but will replace Audition in future releases of Production Studio. At first glimpse, I'd rather have Audition, but we'll see:
Audition: for audio professionals and experts
Soundbooth: for video professionals and Flash designers who need an easy but powerful audio tool for things like cue integration with Flash, Actionscript, and FLV
Audition: complete audio toolset with editing, mixing, CD burning, etc.
Soundbooth: Single file editor (ala Cool Edit 2000)
Audition: existing code base, Win only
Soundbooth: new code base, Win/MacTel
Audition: DAW-like multi-track features let you package your music as a Soundbooth Score (also available is separate SDK and packaging tool)
Soundbooth: Soundbooth Scores, similar in ways to SonicFire Pro, provide music bed and but things like ambient sound effects tracks.
There's more at Create Digital Music, the Creative COW preview, and product manager Hart Shafer's blog.