i was thinking seeing i am in this thread i may as well post. for about a year now i have been using this methods to make recordings and have got reasonable/typical garage band quality recordings.

I have been using 3 singstar USB adapters. as each adapter has a left and right channel it gives me a total of 6 simultaneous recording tracks for when i record with Sonar. Its good for live recording. There is some slight latency (about 10ms). Im not sure wat bitrate they record at however they are a very very cheap alternative for anyone on a budget and who wants to do simple recordings. You can buy them off ebay for about $15 each.

cheers :-)