The "Track" concept is really just a container for lighting effects, transitions, and audio (when transitions and audio get implemented). Using one or more tracks allows you to position your effects along the timeline visually as well as provide visual editing through drag & drop actions. Eventually, when audio is implemented, you will be able to visually line up your effects with audio events.
This is different from LOR, Vixen, and LSP in that these software packages use a "sequencer" paradigm. A "track" in these systems is analogous to a "channel", so applying an effect along the timeline is analogous to applying the effect to the channel. Olive departs from this by separating the track from the channel from the effect which will hopefully make creating timed animations much simpler and more productive. The biggest hassle I found with sequencing software is the difficulty in timing or re-timing complex animations.
I draw my inspiration for the "Track Editor" from the You are not allowed to view links.
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Login product. This is similar to many other non-linear editing packages where you place "clips" or audio or video along the timeline in various tracks and are able to composite them together into a final output. Olive will also eventually support compositing of channels which would be a desired effect when transitioning from scene to scene in a lighting animation.
Now, with all that being said, I'm not deaf to the conceptual issues Olive may present. I am and will do my best to find the best production model for everyone willing to use it. I think that once some of the "spatial" and "matrix" effects get released along with the "real-time" recording feature, the Olive editing pattern will make more sense.
--Matt