Audiophiles on Ubuntu, breathe a collective sigh of relief. After much frustration, there is finally a solution to the lack of FFMpeg support in Audacity.
Apparently, the problem lay not in Debian/Ubuntu's move from FFMpeg to the much contested fork, but in Audacity's own usage of an outdated version of FFMpeg. However, a new patch has landed, and will be in official builds very soon. In fact, you may already have an updated Audacity if you are running Ubuntu 14.04 and have trusty-proposed enabled (however, don't do this unless you know what you're getting into!).
These packages are now undergoing testing, so be a little patient and you will be rewarded in full :)
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