I have been looking into this, too. I don't see myself switching over entirely, but I might want to do certain things with it.
There is a sampler in development called Linux Sampler that looks pretty cool. There is JackLab, which is based on SuSE Linux, and Studio To Go which you are supposed to be able to run off of a live CD.
What have you already looked into?
http://linux-sound.org/