In My Opinion: [charge: a virtual $.02] if you are comfortable with Cool Edit Pro go for the upgrade. I got my first computer 4 years ago and I installed a sound card that had a lite version of CEP bundled with it. Being your basic aged Luddite, it gave me fits at first, but pretty soon I upgraded to CEP 1.2. From my perspective all the software out there was equally intimidating and I figured I would go with one that was working well for me and learn it rather than making myself crazy trying to constantly change from one to another. I have been through 1.2a, 2.0, 2.1 and now Adobe Audition and every day it gets easier to use. There is a large population of people who think you HAVE to have Pro Tools (just like I know people here who think you HAVE to have H&R Block do your tax returns) but I am old and ornery and, knowing I'll never be "kewl" in this lifetime again I prefer to go with results. I have never approached the track limit with CEP (Abode Audition). Just when I think I have hit a wall it turns out to be a deficiency in my knowledge, not a problem with CEP. I have recorded electric rock, acoustic folk and a capella choirs and everything sounds great.
It's a robust, stable program. If you want to be kewl, don't buy it. If you want results for a bargain price, this is the place to go.
Don't confuse the tool box with the mechanic. A good mechanic will have good tools, but so will many bad ones. I see a great many posts here about "what is the magic mic, or software, or EQ settiings, or whatever"; the magic ain't in the gear. It's in your head. A good friend who owns a studio has a motto: There's NO talent knob on the mixer! Good gear will translate your ideas into reality. Great gear does exactly the same thing...but you have to have the ideas!