wouldn't it cut out the need for a mixer, a sound card (since you'd be going through firewire or USB), an audio interface, midi controller, and VST effects? plus the need for a good quality computer wouldn't be as important.

I would only be recording myself, not bands. I would be like a one man band, I'd play rhythm and lead guitar, bass, and I'll get a drum machine or a multi-track with a built-in drum machine. with a slim possibility of vocals being added too (though probably not by me :p )

all I'd need for that route is:
Recorder
monitors
headphones
mic and it's accompanying accessories
software

as opposed to:
sound card
audio interface
mixer
monitors
headphones
good computer
software
midi controller
VST effects
mic and it's accessories

I dunno, I've been thinking alot about this today. I think maybe I just want to get a real cheap recorder and some inexpensive monitors for now, and plug in through the instrument input eliminating the need for a mic. then have that hold me over on my recording needs for a few months until I've acquired a decent of money to throw into this studio. then sell off the cheap recorder and monitors to upgrade to a good sized computer recording system after I'm more aware of what I want. plus, earlier, I kinda half-jokingly asked my mom if she'd wanted to buy me a computer for "school" and she actually answered me seriously and said "we (my parents) were talking and thinking about it." so there is a possibility of my parents buying me a computer for "school" *cough*video games and a recording studio*cough*

what do you think of the fostex MR-8 for fulfilling my needs (my VERY basic needs) for the time being