I've been using an M-Audio Fast Track USB for 5 years, and it's definitely time to upgrade! I'm looking for around 200$, and looking for a few things specifically.
2 channels (1 mic and 1 guitar/line in per channel)
Phantom Power for a condensor mic
MIDI in and out if possible (not necessary).

I want to be able to plug 2 guitars in at once, so my brother and me can record and play together. And the phantom power would be great for my mic. I have a dynamic mic that doesn't need it, but it's garbage. (Shure C606 I think it is).
Here's what I might get after looking around myself

It looks solid to me, and has all the things I'm wanting, but I don't know much in the hardware sides of things, so I don't know what better or worse.
For that money you won't get anything that's worth getting if you really want to upgrade.

If you can't spend any more than that I'd suggest a mackie onyx blackjack or a roland duo capture ex if you value midi I/O.
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Alright thanks guys. I don't know anything about what brands are good or bad with this stuff
The most cost effective solution for the needs you is the Focusrite Scarlett 2i2 ($149.99) with 2 mic pres with line level inputs and 2 analog outs @ 24bits x 96kHz sample rate and compressor, gate, reverb, and EQ plug ins. I know because I use and sell the stuff.
Buy the Focusrite Scarlett 2i4, it has the Pad function, which is useful when recording guitars (to avoid clipping issues), the 2i2 doesn't.

I'm using it to record all instruments and vocals for my EP and it sounds awesome.
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Buy the Focusrite Scarlett 2i4, it has the Pad function, which is useful when recording guitars (to avoid clipping issues), the 2i2 doesn't.

Definitely the one to get if you're going Focusrite due to clipping issues on their cheaper interfaces. I think Mackie is probably the best way to go for the $ in that price range right now.
with the 33 year old among the candidates for the 2015 FIFA Puskás Award, which celebrates the finest goal of the year.

Take a look at this ^. I have one of the old MR series ones, the 816, and it's a champ. I've had it for over five years and has never failed. The reviews all point at the quality of the preamps and converters as being particularly good. The UR series interfaces use the same preamps (and I believe the same converters) as the MR series interfaces.

It will come with Cubase AI or Cubase LE or whatever.

Definitely check that out.

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

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This thread doesn't look too old, so I'm going to put in my two cents. Focusrite Saffire Pro 24 is what I use. I can have my guitar, mike, and midi keyboards going through simultaneously, and also hook up to computer via Firewire, studio monitors, and headphones at the same time. The setup takes some time to understand, but once you get it working in your DAW, there is very little latency.
I'm on PreSonus at the moment, Studio One comes with all their interfaces and I think that by itself is worth it. I guess the cheaper option will be Audiobox. I am running Firepod via Firewire ATM.

I've heard good things about the Mackie interfaces too.
Mackie Onyx Blackjack ($100). According to Mackie, it has the same high quality mic preamps as the more expensive Onyx units. I'm going to be getting a small 2-channel USB interface for portable recording with a laptop and this is what I'll be getting for that.

Both channels have an XLR-1/4" hybrid connector, it has a DI setting (high-Z) for plugging a guitar/bass straight in without a DI box, and it has phantom power for the mic inputs.

The only thing it doesn't have is MIDI, but at half of your budget you could get a separate MIDI-USB adapter and still be under your $200 budget.