Not scared, thats good. You seem to know what you are getting in for. Enjoy the ride.

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Does regeneration, when compiling a track, reduce the audio quality or not?



Absolutely no change in quality.

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The only advantage I see with AudioPhile package is the fact that you get a hard drive + uncompressed audio tracks, im guessing .wav as apposed to what, mp3? Are the uncompressed worth it or only for those who want to sell their music on CD?



Both Audiophile and Regular come on a Harddrive. All compression is via .wma. These can be all uncompressed to wav by a push of a button in the regular version or maintianed compressed (to save space) and upon each use the file will be adjusted. Yes, the Audiophile version is .wav (not positive on this one, but it must be?). And I agree with your conclusion regarding "...those who want to sell their music".