On another thread, Jay had asked for me to post some of my thoughts here. Here goes...
In the digital world, there are a few key elements to getting a killer sound from your recordings.
1) get a good pair of studio reference monitors with "flat" response. to me, "flat" means less than +/- 0.5 db across the majority of the frequency spectrum. if you get powered monitors, you don't have to worry about getting a "reference" grade power amp to drive them.
if you can afford it, use more than one pair of different typed monitors. many big studios use high-end monitors, but have cheaper yamaha NS-10s on the console as a "reality check". I use Event 20/20s for the majority of my work, with a pair of Alesis .7s as my reality check during mixing.
2) get the best quality computer audio I/O interface that you can afford. a creativeLabs card will NOT cut it, here. even the BEST creative labs card has a freq. response of +/- 3db across the frequency spectrum. In layman's terms, this means that one frequency can potentially be input OR output at double (or half) the perceived volume as another frequency. yuck! Real recording and mixing is totally impossible with such a card.
My last CD was done with a 24bit interface that had a freq. response of +/-0.01 db, and my current CD is being done with a new interface that has a response of +/- 0.05db variation. in both cases, these are excellent specs for pro-audio recording and mixing, and you should be able to get into a card with these sorts of specs for only a little more than the best soundblaster. note that if the freq. response of an audio interface is good, the distortion will most likely be very low as well.
3) buy or borrow a good condenser mic for vocals. if your vocals don't have that "transparent" open sound that only comes from a good condenser mic, your recording may lack that certain "something" that the pro recordings have. I use a Shure KSM32, and I really like the warmth and presence that I get for my voice.
make sure to "audition" several mics to find the right one for your singer because everybody's voice is different.
4) make sure that your mic preamps are of good quality. Mackie makes a little mixer that has good mic-pre's built right in. You also need the 48v phantom power of a mic-preamp to use a good condenser mic.
Note that many producers prefer the sound coloration of a tube pre-amp, but whether you're going for a "pure" sound or a tube-preamp colored sound, make sure that your signal path to the audio interface is as clean and transparent as possible.
5) to save money AND time, try recording the drum tracks at a local CHEAP studio. Then, get a digital burn to CD of the individual drum tracks. You can then "fly" (import) these tracks into your own multi-track system to continue working on the project on your own time.
I always have poor luck recording drums at my studio because i'm just not set up for it. So, I do exactly what I described above with an engineer that I trust to record good, solid drum tones.
Then, I pull those tracks into my system and continue from there, with no more money spent on sessions. he's happy for the "easy" business, and I'm happy that i can just "plug and play" for the rest of my instrumental and vocal tracks.
6) almost always double track your rhythm guitars. for the layman, this means play the exact same parts twice, one on each track. then, pan one slightly left, the other slightly right.
7) the latest multi-track software has all sorts of cool effects and bells and whistles. for the most part, IGNORE THEM! here's what you need to use:
channel EQs/levels/pans
channel compression for vocals and bass (maybe guitar)
send effect reverbs and/or delays for vocals, guitar solos
grouped compression/room reverb for drums
mild chorus for bass
master effects: extremely mild reverb/graphic EQ/high quality compression
for most situations, that's all you need
8) during mixing, compare your mixes to one or more favorite tracks by an artist that you want your mixes to sound like. my personal favorite for my most recent CD was Vanden Plas, although I also used tracks by Symphony-X and ARK.
9) Try your mixes in as many CD players as possible, taking notes along the way. Then, go back to the console and remix based on your notes. Repeat until mix=kick-ass.
Whew! that was a lot of territory. I hope that some of this will be helpful to any aspiring producers/engineers out there.