While you can burn data CDs no problem, you can not burn audio CDs without this package. I would suggest adding ">=kdemultimedia-3.1.1" to the ebuild as a dependency, this worked for me, although it would probably be possible to backoff the version dependency a little. Reproducible: Always Steps to Reproduce: emerge cdbakeoven without kdemultimedia and then when you try to start an audio CD you get an error message of the missing libkaboodlepart library.
Just realized I forgot to mention the version that this applies too :-( This was with the cdbakeoven-2.0_beta2 ebuild.
added this depend. thanks for reporting.