peak (dv, le) is an extremely crippled version of the full version of peak. you can do a lot of fundamental stuff with it quite well, but i was at a demo of fcp studio on tuesday and it seems to me that soundtrack pro will do pretty much anything peak can and its got a lot of quasi-automated features that can make life pretty groovy for the audio-newbie. and its got a lot of waveform animation stuff thats just sexy as hell to look at.
i fear that unless peak gets a major overhaul from a UI (and integration) standpoint, it will go by the wayside soon - and i hate to say that because ive been a loyal user of it for years