I’ve got a dedicated 16 track digital recorder, and a Mac with Garageband.
The Fostex (16 track) can record 8 tracks at once, great for live recording. I have a synth (Roland Vsynth) a MM ‘Ray and a Strat hooked up to tie imac even as I type this.
Now there is still a place for studios - two things most homes lack are a good acoustic space and enough room to have four or five people play at once; IMHO it’s still better to track as much live as possible for some kinds of music, but gone are the days of needing a half million Neve board or 2” 15ips tape.
Funny thing though, I had a Sony R2R, and if you recorded a CD to it at 7 1/2 IPS and played it back, it sounded way better than the CD itself! More 3 dimensional or something.
Currently:
Original Polk SDA-SRS’s
Dual Behringer A500 amps (230WPCX2)
Sony CDP211 CD
BSR EQ3000 10 band active equalizer
Bang&Olufsen turntable
Akai X-1810 R2R
assorted other junk...
Unfortunately. 15ips tape has a magical quality that direct to digital recording doesn't produce. I recorded some bells I had tied on a rope, and they sounded clanky, noisy and ugly. But the same bells recorded with the same mic, mixer, etc. but onto a good tape recorder became a tinkly, chrystalline, wonderful effect. Night and day.
That, and I've never been able to record my drums with that warm fat sound like old analog equipment. Some old Beatles drum sounds are just GREAT.