Kalle Rantaaho
An interesting idea, really, but quite a big order. Like "normalizing breaks" by a certain ratio. I agree to that such a software does most likely not exist.
I am 99.99% certain software list this does exist in the broadcast industry. They have systems that help them manage their 7-second delay seamlessly, and I think this works on the same principles. I just don't agree that this should be such a daunting task. Compared to some of the amazing tings we have seen in VSTs, this seems like child's play. Basically it would be a noise gate (very well proven technology) combined with an algorithm that simply removes the silence left after processing the noise gate. There would certainly need to be parameters to control how aggressive the editing is -- or maybe allow the user to specify an overall target length for the entire recording. But I just don't see that as being particularly difficult compared to other things that people have produced in the universe of digital audio.
Now, if we were talking about seamlessly removing video at the same time, that would be a much bigger problem because you would have to analyze the video to see where cuts could be made without being visually distracting, and possible blend together the pieces after the cut. Again, I think that could be done, but that would be a big order. Doing just the audio seems pretty simple to me.
A more sophisticated version might recognize inflections, such as the cadence and pitch at the end of sentences and leave a little extra space at the end of sentences. It might also remove "ya know" and other nervous utterances. I don't expect software to do that today.
Doing it by hand is really not a great option. I'm looking at an hour long radio program from 1988 I'm trying to salvage and I think there is really about 20 minutes of good lively content there. But I would literally have to remove some space in 300 places.