Syntrillium developed Cool Edit Pro, in which guise it went through several versions. I started with 1.2, which rapidly became 2.0, then 2.1, whereupon Adobe bought them out and reissued CEP 2.1 with altered graphics as Adobe Audition 1.0. The current version is 1.5.
Do you need to upgrade? Good question. 1.5 has features designed to integrate with graphics (probably why Adobe wanted it in the first place) but each release gets better and more stable. The earlier CEP was designed to run on marginal computers, but the later versions take advantage of more modern hardware development.
I still have 1.2, and 2.0 is still loaded on my computer, but I'd hate to give up some of the features of 1.5...although I could easily record just as well with 1.2 as with 1.5, if it came to that.
One BIG difference is that 1.5 requires XP...but XP is so much more stable than 98SE (that I started with) that I don't mind. My 98SE machine fried, as a matter of fact, and a local IT guy told me I was foolish to continue putting off XP, so I went with it, and I'm very glad I did. I ended up converting my other computer to XP a little later.
I can easily record 8 in and play back 8 out (I very seldom go any higher in track count, unless I've got somebody who wants to save lots of alternate tracks).
Any other questions?