I'll fix the description, but so everyone knows, there are two modes. One is free (loop point editing, crossfade editing ,etc) and one is paid (advanced metadata editing). The latter is only necessary for those who are creating libraries of ACID and or Apple Loops files.

We're actually thinking about adding presets as a solution to this issue.

We have very purposely not developed a stripped down version. There are three very good options for rudimentary and inexpensive two-track editing: SoundStudio, Amadeus Pro and TwistedWave.

Wave Editor is very deliberately intended to be a pro audio or "pro-sumer" audio application. In that vein, it's significantly cheaper than other pro waveform editors such as Peak or DSP Quattro. For example Wave Editor 1.3.0 exports DDP, but the module required for that functionality in Peak is $399 alone (that in and of itself is $150 more than Wave Editor).