Do I need a new mixer?

[antispatula]

So basically, I'm not sure about my mixer at all for recording purposes.

http://cgi.ebay.com/Peavey-MD-II-2x...1QQcmdZViewItem

one each channel, there is a fader, pan, reverb, 3 band eq w/ sweepable mids, monitor send, and preamp. In the top right there is 2 main outs, monitor outs, ect.

there is esentially my mixer, but mine is 16 channels. Do you think this is adequate for recording. Keep in mind I don't need AUX at all, I don't use effects. Please help me! Tell me why its ok or bad, and what I need in a good mixer! I'd like to know what I need to make a decent recording. Thanks a bunch! One thing to note is that the inserts and outs are the same jack.....I know, a little inconvinent. But instead of using a Y adapter so send the signal back, if I wanted to use a processor like eq, should I just send the processed signal straight out the back of the processor to the recorder? Does this make sence? So I would go mixer instert/out>processor>recorder instead of mixer instert>processor>mixer>mixer out>recorder. Thanks!