My wife and I run a podcast/blog/wiki covering live theater in the Washington DC area I just spent the last 25 minutes editing the audio for a review for a show we saw on Thursday night. We use Audacity to record our conversation about the show. Audaucity lets me see our words, and it is quite easy to remove the umms or other hiccups that hit when we are recording.
Now Laura gets to do the transcript of our conversation. She uses Transcriva to type the transcript. Transcriva lets her hit Apple-Enter to slide the audio back a few seconds, and then easily switch between different speakers.
It’s taken us a while to work out a system, but the process we are using is great.