As the light edition of Swar Studio, Swar Studio Recorder for Mac offers accessible sound recording, mixing, and editing features. It comes with a variety of effects and the ability to export audio files, as well as with a "karaoke pane."
Decent enough features: Despite being freeware, Swar Studio Recorder for Mac comes with plenty of features, supporting multiple-step audio recording, compressed audio file exporting, stereo recording, and several audio effects.
Additional latency setting: The "Additional Latency" section under "Options" lets you set (in milliseconds) some allowance for latency. Choosing the right value to put here can be guesswork to some extent, but it's better than not having the option at all. The latency setting is especially useful for voice-overs that need to be precisely blended.
Karaoke pane: You no longer have to open another application for the lyrics. The lyrics can even be flashed "karaoke-style," so you can be guided with the right timing.
Encoder needed for MP3 exporting: To be able to export a recording as an MP3, you have to get an MP3 encoder first. The complete details on integrating the encoder with the application are on the help file.
No built-in effects: While the application supports sound effects and can use them in VST or Audio Unit formats, you have to use your own because there aren't any included with the install.
Swar Studio Recorder feels accessible and produces a great overall sound quality. However, the lack of a readily set up MP3 exporting system may be a major drawback for you, especially when considering that other similar software can immediately output recordings as MP3s.