My son who plays drums in a metal band (doing covers and originals) is slowly putting together a home recording studio using nothing but a laptop pc, some recording software he bought for $70, some cheap cables and mics, and a lot of trial and error. He can record up to 15 tracks with this software, and the results he's gotton so far is impressive for what he has to work with. He can burn a finished cd and it doesn't sound bad.
Theres a lot of "basement" studios with guys and thier Mackie boards and computer software charging anywhere from $20 to $75 an hour, then there are the pros. I know theres a audible difference, but the home quality is getting better.
How long will it be before you can buy pro software and a pc and record quality cds at home? Theres already a ton of bands getting picked up by labels that started with a you tube video and a homemade cd.
Pretty soon, a little self promotion and some pc knowlegde will put the studios and the record companies out of business. I'm surprized anyone would want to buy cds in the stores with all the other options to download music that are around.

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Life is like a sh*t sandwich. The more bread you have, the less sh*t you have to eat.

Whilst home recording has had a impact on recording studio's, I dont think it will ever replace em whilst people want quality.

Home recording is good, but theres a reason studio's are still making money and a engineers qualification costs a good bit of wunga.

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No no and no

I doubt if it will replace the professional studio anytime soon because there are indeed situations where the professional studio has it's advantages.
To be sure, there's a lot of incredible capabilities with the computer based recording studios that can make some projects sound fantastic but it's not certainly not the end all tool. (thinking about how so many industries have been brought to their knees because of the computer - could be the end-all tool after all. - tongue in cheek)

For demo stuff it can be a heavy hitter.

I can record multiple tracks on my PC, do my editing tweaking to my personal satisfaction then burn it to a CD master upload to youboob and
promote my material much more economically but it's I think the pros will
give me the Howie Sharon Piers Buzzer in a flash.
have a listen:
http://www.youtube.com/watch?v=Xn5XfFAY5bM

Groups like Pomplamoose have me convinced that a lot can be done with a fairly modest investment. As Nevin points out, mass production of CDs is probably beyond most people's capabilities. But in this age of iTunes, does that even matter?

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I really like all them "Aster" guitars. You know, like the Stratoc, Telec and Jazzm.

For what it's worth, the B-52s recorded their excellent Funplex album at home, remotely sharing ProTools files. There were few instances where they were all in the same state, let alone the same room. And to my ear, it's their most sonically complex album to date. The times, they are a-changin'...

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I really like all them "Aster" guitars. You know, like the Stratoc, Telec and Jazzm.

PC's pretty much dominate music production and recording these days. Most of your radio and TV production studios are all digital. A large majority of recording studios are all digital as well, and while just like vinyl there are the diehard analog lovers and hold-outs. So while it may not be exactly the same as your home PC, its pretty much close if you have stuff like Pro Tools...In fact, every radio station I have worked in since the mid-90s have entirely digital studios...

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RAMA LAMA FA FA FA

What is being discussed here, and sooner or later you'll get wind of it if not already is the term DAW or Digital Audio Workstation which includes the computer and interfaces with a wide array of studio gear such as outboard Audio signal processors, mixers, MIDI, etc.
A dedicated computer(s) that used for recording.

Thee are programs that can give you a complete symphony.
Vienna Symphonic Library - http://vsl.co.at/en/65/71/84/1349.vsl
Check out their Demo section.
It's hard to tell if you are listening to real instruments or soundfonts or whatever the term is that give you the instrument and you play through
piano/MIDI type keyboard.

Here is a sample of a choir it's called Vienna Choir very very impressive to me.
http://vsl.co.at/en/67/4587/5534.vsl#

What is interesting is Vangelis was doing this sort of thing waaay back 30 years ago. He got an Oscar for Chariots of Fire.
He's probably still doing the same thing when he did Conquest of Paradise
In my book, the man's the master of the one man symphony.
Of course, this isn't grunge, punk, metal, rock, country, blues, jazz, folk but extremely refined works of symphonic creativity.

In spite of all this, there will always be need for the top of the line studios with sound engineers who are extremely keen on all the ins and outs at the pro level.

What you're talkin' about is definitely a cool set up for getting into the business.
I am seriously thinking about doing this myself as my circumstances are pushing me to look in new directions.

First thing is to make sure all the components to the recording system is of quality design and reputable. Shure makes great durable mikes for live performances that can doubleduty in the studio but youll soon discover that there may be a need for different mikes and price is not always indicative of quality. A $10. microphone can do the job better than $8000+ dollar Neumann U47 when the application calls for it.
It's all great stuff and fun to learn and if you're good at it, you can make some money at it if you're dealt the right cards
Connections is very important, advertise your service at all the local venues, and online.

Again, me, I am thinking of starting out with some very good signal capture gear and provide some basic but quality guitars so a travelling musician can have access to record a real decent demo level cut on
a whim while on tour.

I am going from truck driving to woodworking, hot rodding, to machinist to welder all in one batch, and now this........ which is basically demanding I sell all my real tools.. It's like withdrawing from cigarettes or getting neutered... errr not that I've been neutered.

Some people are lucky to have it all, but having it all comes with a price.
A lot of babysitting, worry and anchorage.

Travel light and come in well balanced.

Another Poomlamoose fan here thanks to Slapchop.................. Mike

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The blues ain't nothin but a good man feelin bad.

The studios with the Cascade fatheads and Neumans, etc. that have been gradually building up their gear will always have some kind of demand.

Places like this (note the mixing desk alone) :

http://www.classicrecordingstudio.com/

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Being able to play and enjoy music is a gift that's often taken for granted.

Don't leave home without it!