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Still there. control+click on a node to set edit-points.
FFT and Dynamics are there as well (in fact the FFT is now real time, so while you play back you can adjust it on the fly, which is very nice if you're a twiddler like me).
EDIT: I have to clarify my response...I went back and reviewed your question and realized you had asked about Envelope effect too. Edit points have not been implemented in that effect (yet). Dynamic EQ is also an effect which is likely to not make the cut in this release, however is in our priority list.
Thanks for the clarification. Sad to see current & existing functionality being dropped for "this release".
I assume "this release" refers to the upcoming upcoming retail release, vs. Adobe Labs releases?
I totally understand missing features & functionality using pre-release software, but removing functionality outright with little-to-no alternative in latter versions of the software software doesn't seem to be the best decision for customers and users.
Yes, I wasn't clear on what "this release" means, I'm using "release" to refer to the retail version.
I think this has been covered by others on the team in the forum, but it's worth saying that this version of Audition is a ground up re-write of the application (not just a facelift). This was long overdue and necessary in order to bring the application on to a modern codebase and architecture (which has significant advantages for users and us developing it). As you can guess, the amount of work required to do this correctly was large (which is an understatement) and not as simple as just cutting and pasting code. We also did not have an unlimited amount of time. This meant we had to make tough decisions about what was realistic for this version and what would have to be done in the future. This was not done in a vaccum though and was an active process as we worked closely with a very large group of users throughout development who were instrumental in helping set those priorities(many of whom are long time Audition and Cool Edit users and also represent a range of professional and broadcast audio).
We understand that not everyone's priorities are the same nor did everyone use Audition in the same way, but I hope you give this version a chance. It is honestly very good. It has a great future and I think when people really get to know and use it, they'll find it more powerful and capable than they expected.
Sr. Program Manager