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Audacity mp3 editing requires you to import the mp3 which uncompresses it, and then re-encode it after you have made the edits which means you lose quality because you have compressed the sound file twice.
So while audacity is indeed awesome for sound editing, if you just want to do simple edits to your mp3s you may want to try something like http://www.mpesch3.de/
Edit:
This assumes you are doing fairly simple things to your mp3 and you also want the end result back in mp3 format.
If you are, say, importing an mp3, adding a whole bunch of effects and then burning it to a CD, audacity all the way.
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i guess it all depends on what you actually want to do editing wise.
So while audacity is indeed awesome for sound editing, if you just want to do simple edits to your mp3s you may want to try something like http://www.mpesch3.de/
Here is the article right from audacity's wiki:
http://audacityteam.org/wiki/index.php?title=MP3
Edit:
This assumes you are doing fairly simple things to your mp3 and you also want the end result back in mp3 format.
If you are, say, importing an mp3, adding a whole bunch of effects and then burning it to a CD, audacity all the way.
SOLVED!!!!!!