DJ tools?
OK - lest we forget, Apple licensed the Roland Sound Canvas sound set years ago for QuickTime Musical Instruments (MIDI)...but they have never offered a UI for it!
That being said, I see this as a beginner's music-production toolkit, oriented towards dance music production. As a user of Propellerheads Reason, I have to say I love that program's intuitive "analog" approach to virtual instruments (just wish it had slightly more sophisticated MIDI track editing) - you can get started really quickly, and gradually 'discover' the more advanced features when you need them.
Sad thing is, the entry-level audio market suffers on the Mac. Sure, we have all the biggies: Cubase SX, Logic, etc - but sometimes you want something small, fast, and resource-light, esp. in portable-studio setups.
If iTraks is what I think it is, it might take the core of MicroLogic AV, add ReWire, REX file, CoreAudio and Audio Units support and wrap it in a shiny new iApp interface with a more task-centric set of menus / toolbars - one interface for multitrack recording (# tracks dependent on your hardware), one for sample looping, one for waveform editing etc.
I imagine an iMovie-like "audio clip drawer" where bundled, prerecorded drum loops, samples, REX files etc can be browsed, as well as user-recorded clips; of course there would be integration with iTunes to browse tracks from your Library and import/edit them - maybe even to import only selected segments (for looping?)
Of course there would be integrated CD burning from this, or export to MP3 (back into the iTunes Library for use in iDVD, etc...)
With ReWire compatibility it would be easy to pipe the output of Reason or Rebirth (slaved to iTraks' transport control) through the mixer, import the stereo mix, or even multiple discrete tracks as audio.
Um, and if it was available for $49.... that wouldn't hurt
