I've been using Peak for a while now, and like it. That said, there are folks who dislike it vehemently, but I believe that's more a response to the sometimes arrogant tech "support" experiences that are to be had with BIAS.
Pros: Simple, Mac-faithful interface, easy to use for all your 2 track needs. Seems to be designed with an understanding of what we're trying to do in post.
Cons: CPU hog, though not such a big deal with G4 and up. Also, doesn't handle files > 2GB.
When I last compared back in 2003, Peak was my favorite over Spark, Audacity, and Sound Studio.
Aloha