Some of the features are listed below:
* Record audio
* Edit existing audio files
* Trim audio files
* Add echo filter
* Add bass and treble
* Convert to different formats (mp3, wav, aac for now)
* Karaoke (Experimental) - Only vocals that are centered will be properly removed.
* Filter noise (Experimental)
* Extract audio from mp4 video files
* Change Pitch of the audio
* Change Tempo of your audio
* Fix nasal tone
* Offline version
Do you have multiple songs each having it's own volume, bass, treble? Do you want to normalize it?
Audition Toolkit allows you to do that. You no longer need to change volume for each song, while you enjoying the music.
The noise profile filter is one of the cool new feature that allows filtering constant background noise from your audio file.