Alan - yeah, this is a handy technique. You may want to use a WaveShaper
as a rectifier - that's what I did for the "envelope follower" in
https://webaudiodemos.appspot.com/input/index.html. (that demo makes more
sense if you select "waveform" in the visualizer.) Code here:
https://github.com/cwilso/Audio-Input-Effects/blob/master/js/effects.js#L739
.
And yes, we really need an envelope follower node, because in practice you
really want separate attack/release controls (the VU meter script processor
code I wrote has a crude release, but no attack control). This is captured
in https://github.com/WebAudio/web-audio-api/issues/246, and related
https://github.com/WebAudio/web-audio-api/issues/13.