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Hey, thanks for all the replies and sorry not yet getting back to you. I have been reinstalling my system (downgrading from Karmic after 3 months of fighting it) + the upcoming New Year. But I am regularly using Qtractor for recording things - basically, I am using it like Ardour since it's so much faster and I just like the GUI a lot )
Anyway, I will build the latest svn version and will later elaborate on all of that feedback above so that there is much more detail.