Yeah, I got this about a month ago and its pretty good. Are you using guitar rig as a replacement for an amp at home or are you recording as well? It comes with a lite version of Pro Tools, but I haven't tried that out yet. You'll need headphones or speakers to monitor while you play, but its still pretty good for home use.
I've not used this specific model, but I've had M-Audio products in the past (a Delta 44 and a Delta 1010) and have been quite happy with them overall.

Could I get some more talent in the monitors, please?

I know it sounds crazy, but try to learn to inhale your voice. www.thebelcantotechnique.com

Chris is the king of relating music things to other objects in real life.
I had pretty bad experiences with the MobilePre when I had a windows system.

lag, lag, lag, lag...

I am one of the few that speak against M-Audio interfaces, and mainly it is because of the Mobile Pre. I would avoid the Mobile Pre at all costs. I used it for a week while my Lambda was out of commission and it was a nightmare. FL Studio hated that thing. The guy I borrowed it from I think was using Acid or whatever the old Cakewalk DAWs was at the time and he didn't think it was too bad. I could never get the latency down with the M-Audio or the ASIO4ALL drivers. Mind you this was still running on Vista so maybe it is sorted out.