In many DAWs the multitrack view allows for two or more "lines" to be drawn that represent values of volume and pan (and fx balance, etc). I happen to use Cool Edit Pro, which makes a green line for volume and blue for pan. The blue "pan line" sits in the middle of the track (the WAV drawing) and the volume sits on top of the track. These are the defaults, and are dependent on the original settings. If you wanna fade out a given track, click on the line and it creates a point from which that line now vectors to. Then drag the line where you want it (say, down to the bottom for the green volume line) and this track will behave that way on playback. I use the word "dependent" because the level and pan controls for the WHOLE track set up the track to begin with, and the volume and pan lines just affect these starting settings. This way, if you want to raise the level of vocals, and they do something volumish in the middle of the song, the volume line can still do it's thing RELATIVE TO THE OVERALL TRACK VOLUME.
Anyway, CyanJaguar and John are correct to point out the pros of "visual mixing," it's excellent for seeing what's happening in a song without having to listen to it or wait for the event to actually happen before being able to change it. All I can say is try it, pan and level are pretty much set from the getgo anyway, this is an EXCELLENT way to mod these settings while mixing...
And GOOD GOD I can only imagine the interrupts you'd get while properly setting those control surfaces up. Sounds like a lot of work to ultimately move BACK a step. I'll try and find a link to a view of this...