In This Day and Age
I'd go for PC recording.  It's so easy to edit, mix, change, re-record, master, and burn to CD.
Additionally, many PC recording programs have whats known as "Non-destructive" editing; say for instance you record something on a track, then do another take on the same track, but you decide the first take was the better of the two, no problem, you just cut that second take, and there's the original take right there, in time, in the same position!  Do that with an ADAT!
An ADAT is going to cost you about $1800.00 new.  That'll give you 8 tracks.  I bought "Nuendo" for about $1600.00 and the recommended sound card for about another $700.00  and I can have up to 256 tracks.  Now, I've never used 256 tracks, but I have used 18 - 20 tracks and my system handels it fine.  
Also, this program has on-board effects that would rival any outboard gear that a home user would come across.
Consider too, how you're going to get your music from you're guitar (By your nick-name, I'm assuming you are a guitar player) to the PC's multi-track recorder. Do you intend to mic the amp?  If so, I feel that the microphone is the single most important link in the musical chain.  I'd put my money there.  Buy some really good mics!
Someone else mentioned Apoogee as an AD/DA converter, and they are excellent!  They are pricey though.  That will be my next major purchase for my studio.
Here's a list of my studio equipment:
		Microphones		
				
Neumann		TLM103		2
Shure		SM81		2
Shure           SM(Dust-collecting)57's  2
AKG		C1000S		1
CAD		ST100		1
				
		Processors		
				
DOD		Graphic EQ	1
Yamaha		O1V		1
dbx286A		Comp./Limiter	1
ART		Tube Pre-Amp	1
				
		Sound Modules		
				
Roland		
JV2080		1
Alesis		
NanoPiano	1
Alesis		DM5		1
				
		Computer/Software		
				
Compaq		750Mghz	        1
Steinberg	96/52		1
Steinberg	Nuendo		1
				
		Instruments		
				
Fatar		Studio 90	1
Yamaha		Alto Sax	1
Yamaha		Alto Clarinet	1
Boston	        Grand Piano	1
				
		Miscellaneous		
				
Alesis RA 100	Reference Amp.	2
Rack Rider	Line Conditioner2
Cables		Various		1
Music Stand	Manhasett	1
Furniture	Various		1
Alesis		
Monitor 1's	1pr
Tannoy		Reveal		1pr
Shop around, ask questions, and happy recording!