Dave,
I think the new audio in feature is interesting but it's not going to be useful to me until you can incorporate AU plugins or something so that effects can be added. Any plans for that on the horizon? My my has kJams come a long way with features!
--Guy
New Mic Feature
:)
for the answer i direct your attention to the Microphone page, under "Current limitations" section. Specifically the first sentence right after the list. 