Limitations
This is a non-exhaustive list of features that you might expect Cacophony to have that it'll never have. By design, Cacophony lacks many features common to audio software. If you want those features, I encourage you to use Cacophony in combination with other software.
Can't import wav data
Adding wav-data-importing functionality to Cacophony would be a huge undertaking and make the application too complex for me to maintain.
Non-quantized input
Quantized input solves a lot of UX problems and data serialization. (Basically, I'm unwilling to serialize floats.)
Only SoundFonts
Why? Because they're easy.
No VSTs or other plugins
As far as I know you can't actually write a general audio plugin framework because the plugins vary too much. Pro DAWs apparently have custom code per VST, which is well beyond what I can support.
No mouse support
I won't add it.
No audio effects, filters, etc.
Do it in Audacity.
No live recording
No.
No mobile app
Cacophony's UX is completely orthagonal to how mobile apps work.
No browser app
I MIGHT make this some day, but I don't think too much about it.