Many of the Audition algorithms are equal to third-party plugs. The Waves L1 and L2, for instance, use an identical algorithm to Audition’s hard-limiter. There are some goodies out there worth buying, though. To expand, not replace the available effects.
Audition doesn’t offer MIDI, which is a need of many musicians. It also has roots as Cool Edit 96, which was basically a toy. LOTS of people do use Audition, however. It is a standard in the radio industry.
Emmett