Cool advice, Bill! I've forgotten about it, but there is a reason for a behavior like this I don't really like to capture audio streams as MP3 for the following reason:

It's always nice to leave the captured Real Audio, Real Media (.ra, .ram, .rm) files or any other original files like Windows Media, Nullsoft audio, etc.
Why leaving them? I might not like the conversion settings of Replay A/V I used. I might wanna use different settings for another device or for whatever reason.
We live in a DVD era and there is no problem in storing these files.

Although I do suggest to capture Real Audio/Real Media streams with a nice software like Replay A/V, but using its "Raw stream capture (Windows Media, Real Media)" feature.

Bill, may be you can add a checkbox "Leave raw files after conversion" to the Replay A/V.

And one more thing. I can create an Audio CD with Replay A/V when using it as a direct sound recording software (using "Capture by recording Audio output" feature). However I can't "Capture by downloading" to WAV (only to raw Real/WM or to MP3) for the following Audio CD burning. Has something changed in the newest version?