I just bought one of these...

Lee, if you find the stereo input/output is not enough and you've got firewire you should swap it for the FA-101 (10 input 10 output interface also by Edirol). It's only £279.99 at Turnkey so it'll be cheaper than the UA-700 and, if you need it, the extra money could buy you a small mixer.
 
Stereo out is fine for me. It's just for home recording. I don't plan on recording any drums or anything.

Anyway, so far I'm having trouble configuring this. I can get sound out (and it's MUCH better than my Tascam) but none going in.. I've covered the obvious and now I'm scratching my head. This calls for a few beers and potential violence. That usually does the trick :)

BTW, I got this unit as "B" stock for £275. Ex demo.
 
Is it set for 24/96? It can't play & record at that setting (the modelling & effects don't work at 24/96 either) . Set it to 24/48 and you should be ok.

Another couple of things to consider.

It's impossible to record while monitoring a MIDI instrument track through the aux inputs. The only way around that problem is to use an external mixer. And you can't use a mic and the guitar input simultaneously.
 
hehe. It was just me being an arse in the end. I didn't have direct monitoring switched on in Sonar.. (but then I didn't need to with the old Tascam whatsit..).

Anyway, I blasted it through Guitar Rig and it sounds as heavy as buggery. Maybe a little too much so I've got some tweaking to do. But so far so good. None of the dropouts, cracks or pops which plagued me before.
 
Lee, i'm curious why you would opt for an interface with amp emulation builit in when you could have had the one with more ins and outs that razorjack mentioned and given that you are using Guitar Rig for your amp emulation anyway. much of what you paid for with that particular interface you got is the amp emulation.. which is totally redundant for you since you're using GR... ?