We've been eagerly awaiting WireTap Studio, and it has arrived -- available for download and purchase today from the fine folk at Ambrosia. Like Rogue Amoeba's venerable Audio Hijack Pro (friend to podcasters everywhere & used in the production of the TUAW talkcast) and the older Ambrosia versions of WireTap and WireTap Pro, WTS will allow you to record the audio output of any application, line-in or microphone source on your Mac. The new app goes beyond AHP, however, in providing a full 'lossless master' editing environment to allow your audio to shine. You can roll back to your original source at any time, and even hear 'live previews' of your compression settings before putting the squeeze to your files.
A full WTS license is $69 for Tiger or Leopard (universal binary), and WireTap Pro or Audio Hijack Pro users can up/cross-grade for $30. I'm definitely going to check it out, and if you do the same, please let us know what you think.