stole everything I was going to say. Agreed 100%I'd have to say independent with possibly a PnD deal.
It's a bit of a minefield out there. Publishers want you to sign over a set number of your creative works to them in return for exposure (ie. you don't own your songs for a set period of time.. which can vary from a few to several years, to decades). Labels want you to sign your band to them for a set number of recordings, during which period you're not allowed to record anything for anyone else without their express permission. Bands can really get themselves caught in a shitstorm unless they have a great management team and a good music lawyer on the side somewhere.
I'd keep it as simple as possible, because I hate the legal side of things. Music I think should be kept as separate from that shit as possible.
I guess it's true nowadays that we really could sell our music without a label though. The only problem I see with that is getting shows and recording in studios. Where would someone get the money from? Usually the label helps, so personally I wouldn't know which way to go with any of my bands.
It's very possible, tubbs, and it's being done more and more prolifically where I live.
Many labels these days are wary of even fronting up a recording advance to a newly signed artist, as there's so little chance of them recouping. Many artists have to front up the costs themselves in any case, and studio prices have had to go down accordingly.
Studio time now is more affordable than ever before, especially with every man and his dog having a home studio set-up. The rates are so ridiculously low at the moment that you'd have to pay your damn client to be any more competitive as a studio owner.
As Joe says, you don't even need a professional studio, depending on what you're trying to achieve.
I'm in the midst of recording a band's debut album who are unsigned. They have just pooled together and created a budget of around 10k, using their own money, and will use it to get the album recorded, mixed and mastered. Then they'll fire off a few hundred copies which will go around to various promotional agencies, labels, whatnot and see what they can get from it.