A couple of weeks ago I was watching a Sadie5 record 128 tracks. It was drawing the waveforms as it went. While recording I was able to look back over the recorded material (the same take), make cuts and remove unwanted audio from the timeline. I could not listen to the material as I was recording at the time, but because I could see the waveform I was able to make a start to the editing process. If nothing else, cutting out unwanted takes from the timeline was a bonus. I point out that this was not beta software, it is available to buy NOW!
Before then I would agree that there was no advantage to seeing the waveform during recording, but now I have changed my mind. It is not a case of confidence monitoring, I have meters for that. Even without the ability to make cut points, I would love to be able to drop a mark post an event and then be able to move it back along the timeline to a point, using the waveform as a guide.
I take the point about the increased risk of recording clicks and glitches while drawing waveforms, and I wouldn't want to comment in the case of Sadie since I don't use Sadie as a rule, but I would note that Sadie are a DAW manufacturer of long standing and have always drawn waveforms during recording, I think if there were clicks and glitches, the audio world would know about this by now. Sadie has always appeared to be smooth and effortless, but at 128 tracks, it looked as if it was hardly breaking into a sweat (the hard drives must have been going some).
Having used Pyramix almost exclusively for over two years, I am still very enthusiastic about it, but last year I went to a Sadie demonstration, after which I mentioned to my Pyramix dealer that they were on his heals. At the time he laughed it off. Now I think I can honestly say Merging, you've been over-taken.

All the best,
Julian