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In this article, the performance of cognitive transmission under quality of service (QoS) constraints and interference limitations is studied. Cognitive secondary users are assumed to initially perform sensing over multiple frequency bands (or equivalently channels) to detect the activities of primary users. Subsequently, they perform transmission in a single channel at variable power and rates depending on the channel sensing decisions and the fading environment. A state transition model is constructed to model this cognitive operation. Statistical limitations on the buffer lengths are imposed to take into account the QoS constraints of the cognitive secondary users. Under such QoS constraints and limitations on the interference caused to the primary users, the maximum throughput is identified by finding the effective capacity of the cognitive radio channel. Optimal power allocation strategies are obtained and the optimal channel selection criterion is identified. The intricate interplay between effective capacity, interference and QoS constraints, channel sensing parameters and reliability, fading, and the number of available frequency bands is investigated through numerical results.