As long as this thread has "popped up" again, I'll post an update...
Here's what I started with:
Presonus Inspire 1394 Firewire interface ($150 from GC)
MXL 2001 (large diaphragm)/ MXL 603 (small diaphragm) "anniversery" pack of mics ($100 new off eBay)
2 for 1 boom stands ($30 from GC)
2 XLR cables (~$24 each from GC)
Pop filter (~$20 from GC)
The Presonus interface is sort of interesting... it has 4 inputs: 2 x mic (XLR with 48V phantom power)/guitar (1/4") on the front (2 channels that can be either mic or guitar), and two line inputs (RCA jacks, no phantom power) on the back. The RCA line inputs are set up to accept keyboards or other instruments, or input from a phono turntable. What is unique is that there are NO controls/pots/switches AT ALL on the box. All is controlled in a software applet running on your computer. Output to the recording computer is thru firewire... it can be powered from the firewire bus if you use a 6 pin cable. With the 4 pin cable from my laptop, I need to use the supplied power supply. There are output jacks for headphones and moniters/speakers. It came bundled with Cubase LE. Setup was pretty easy, with just a few tweaks of my Dell laptop OS to eliminate (I think) pops and skips during recording. May try and tweak it a bit more to lower the latency between playback and recording track (I have it set at 6 msec now, haven't tried lower). Oh... up to 4 Inspires can be "daisy-chained" together feeding one computer work station if additional channels are needed (also, see below)...
I haven't had a lot of time to play with it... since recording requires that the family is out of the house, turning off the heat and frig to eliminate noise, etc. Also, I haven't really any experience with recording to compare it too... but here are my first impressions (there is an EXTENSIVE and very useful review here:
http://acapella.harmony-central.com/forums/showthread.php?t=1257843).
So far, I have been laying down independent vocal and guitar tracks as several have suggested... double mic-ing the guitar (panned L and R) and then coming back and laying down a third track with vocals (panned center). The first thing to note is that the pre-amps don't provide as much gain as a stand-alone pre-amp might. In fact, they probably don't provide sufficient gain for use with most dynamic mics... With the MXLs condensor mics I have, there is just enough gain for the guitar (so far, just fingerpicking, which is quiter than my cowboy strumming), but a bit of hiss creeps in as the gain passes ~75%, so I have been recording at lower gain, close mic-ing the guitars and boosting the levels later in Cubase. Don't know if it's the room, proximity effect, or characteristics of the mics or pre-amps, but I find that I need to boost the trebles and roll off the bass a bit to get the guitar to sound the way I want. I have really only recorded one decent (tho' "bland") vocal track, so far... and have been learning how to equalize and mix the tracks in Cubase (my photo hosting site can't serve MP3s at this time, so no samples yet).
The biggest frustration for me has been laying down the guitar tracks... keeping track of where I am without singing along. Even when I am going thru the song in my head as I play, I still make more mistakes than when I am playing AND singing. In the three sessions (couple hours each) I have tried, I have played my fingers raw, often getting thru nearly the entire guitar track only to screw up the last bar. ARGH! I also just feel more natural playing while singing and singing while playing... my one vocal track didn't feel natural to me. So, I still want to try laying down vocals and guitar in one pass... but I also want to double mic the guitars (rather than trying to double over the guitar track later). That would require 3 tracks at once... plus, I wanted to add a little more "life" to my vocal (it sounded a bit "bland"). With the latter in mind, I picked up an external tube pre-amp [
Behringer Tube ultragain mic-200 ($50 at GC, plus $24 for a cable) ]... it just came in yesterday, and all I have done with it so far is hook up one mic and make sure that I can use the Behringer pre-amp between a mic and the RCA line-in inputs on the Presonus (pre-amp supplies the phantom power). First impression suggests that it will work (thus, with external pre-amps on ch 3&4, you could feed as many as four mics/guitars thru the Inspire), and my sense is that the Behringer has more gain and less noise than the onboard pre-amps. Don't know if the "valve" warmth it adds will really help my vocals that much... maybe I'll get a chance to try it out this weekend. If it looks worthwhile, I might pick up a second small condensor mic to use on the guitar, for three channels (vocals plus double mic-ed guitar).
Anyway... that's where I am so far... definitely still in the learning stages, with the final verdict still out. One thing I am learning is that accumulating paraphenalia (sp?) for recording may be as much an affliction as GAS... already considering running all my inputs thru external pre-amps... looking at other mic options, etc. If anyone wants to point me in the direction of a (free) hosting service that will serve MP3s, I can post up a sound clip or two, once I have some worthy of listening to. Thx for all the advice!
Dave