Some of you may remember when somebody came on here a few years ago offering a paid job as a podcast editor. He provided a sample podcast and invited anyone interested in the gig to submit an edited version. I had intended to do so, but after editing the mind-numbingly boring podcast I realized that this was the audio equivalent of sweatshop piecework.
At the time it occurred to me that there must be a software solution to at least aid in the process. I tried SONAR's "remove silence" feature but it sounded very unnatural, no matter how much I tweaked the settings. There seemed to be no alternative to manually listening to each pause and adjusting to suit the speaker's cadence and intent. It's hard and extremely tedious.
I listen to a lot of podcasts, and clumsy edits are the norm, even though most of them are audio-related podcasts and hosted by professional audio engineers. It's not that the editors don't know how to do it, it's just that after a few hours you get sloppy. If you're diligent, it'll take 3 or 4 hours to edit 1 hour of spoken word.
The best approach, I think, would be a hybrid process: remove the largest pauses with Audacity and then tidy it up manually from there. (Thanks for pointing out this feature in Audacity - I didn't know it was there.)