more bands are moving more and more towards this, as producing your own album has become easier than 10 years ago!
a couple of things.... 99 times out of 100, when bands decide to produce themselves, it turns out sub-par... this is especially true when the band also engineers and, *shudder*, mixes itself.... the more fruitful path , once a band is established, would be for the band to produce themselves but using good engineers and a good mixer.
that brings us to number two... as i've pointed out here a few times... producing is a totally different thing than engineering and/or mixing... they're often used interchangeably here in this and other forums i've noticed, but in professional circles they're not.
Chimaira are seasoned now and is probably, if any band is, reasonably capable of producing themselves. i doubt very seriously that they are engineering or mixing themselves though.
the fact that they've made the statement that they are working locally doesn't necessarily mean they are doing it all, or for that matter any portion of it, alone.
what's most interesting to note regarding the "home recording revolution" as some call it... the means by which, as Beyond Dead pointed out, it has become easier for "more bands [to move] more and more towards [producing their] own album"... is that most of the biggest, most successful bands avoid taking this route, even though it's just as easily available to them, if not more so. they understand the value of utilizing those with specialized skills... like engineers and mixers... to ensure good sonic results on the recording end, and of having producers to help them bring out their best and to act as a more detached judge of how things are coming together.
there are a few notable exceptions, though not really amongst larger bands.... in every case these bands often have one or more guys who have been and still are professional engineers who've learned their craft over a period of years.
the smart money is on using your home/semi-pro recording gear to write, arrange, and make pre-production demos of your music... the latter preferably with the producer you intend to use in the loop.
just because it's possible to do a thing, does not make it necessarily advisable... but, if your goal is to learn to produce and/or record and/or mix, well then by all means do so... but you will ikely be putting your band on hold for years while you do that... at least you will if you do it right. if however you want to get your band on a faster track... get a producer who's work you like and (if it's not the same person) an engineer and mixer (again, possibly the same person who's engineered) and get a good production and mix right out of the box. trying to wear every hat will take a toll... it's all about time, and there being only so much of it. lost time = lost oppurtunity.
that's my take.