I heard about "future producers" seminar somewhere that happened around 15 years ago. The seminar had around 10 people who brought their tracks/mixes and had them critiqued by a professinal producer/engineer. He also lectured on basic recording techniques.This was a 2 day hotel/dinner type gathering. I believe the "expert" was someone who worked with Phil Romone. Anyway, the expert brought in a mix he did and played it for the group right off the start. It was a really great sounding track and he promised to explain at the end how he achieved the overall sound. People played their tracks and explained how they got their sound (equipment, effects, etc) or problems they were having. Some even bragged about expensive gear they owned or rented. Thr expert gave his suggestions and opinions. At the end the expert played his track again and he went throught the process. What amazed everyone was this: It was recorded in his office on a Tascam or Fostex portable 8 track cassette studio using only an SM57 and a lower cost Sony condensor mic. I'm not certain if the track had drums etc..(i didn't hear it..just heard about the story). The only effects used were a bit of the EQ built into the recorder (probably hi, mid, lo). His lesson was..learn to get professional results on cheaper amateur equipment. Learn about basic mic positions, panning, and room placement. Master this first and get professional results. Once you do upgrade to more expensive equipment, your professional sounding tracking techniques will be more enhanced. On the other hand, better equipment can also highlight your mistakes more. I thought this was a very good story. I'm in a "tight" money situation now (wife in graduate school). I'm spending my money on reading recording books and learning the basics with my basic equipment.