I definitely agree with Tommy in that analog recording is better quality and has a feel that you just can't match with digital recording setups, no matter how much money you toss into your protools rig. The thing you have to realize, though, is that more likely than not, unless you're listening to everything on vinyl, that recording is going to go on a cd, which means that somewhere along the road it has to be transferred to a digital medium. Yes, I know that cd's are compromised audio quality compared to vinyl (or other analog formats), but there are a lot of tradeoffs, such as convenience, that has shifted the market towards the digital side. I mean, you can't really go for a run with your portable record player strapped to your arm...
I guess what I'm trying to say overall is that if you're an artist and you plan on releasing a cd, go to a good studio with lots of analog gear (such as mics and outboard effects), but them recording to tape shouldn't be a requirement. If you plan on releasing a small pressing of vinyl records in addition to cd's for your small fanbase of indie kids and audiophiles, then definitely, tape is the way to go. Recording is a lot more than just the machine you're recording to. I think even more important is having analog equipment, good instruments, and most importantly, the ability to play (or sing) those instruments. Because who wants to listen to Tim Kinsella in hi-fi?
