Audacity

Has anyone downloaded or used Audacity, the free software (http://audacity.sourceforge.net) to edit audio? From what I understand, it's similar to GarageBand for Macs. I read about it in one of the New Lit article on podcasting by Chris Shamburg. He recommends it highly and says it's fairly easy to use. Just thought I'd see if any of you had any input before I downloaded it. Thanks!