-Warning: super long post!-
Okay, I guess I'm a little sensitive right now because I'm on the receiving end of a lot of tracks that have obviously been home recorded, engineered, and "mastered".
I'm currently scoring a film that is making use of licensed tracks. Beyond writing and recording the soundtrack, part of my job is to help out with the selection and placement of the tracks that are being licensed. So I've been going through stacks of CD's of prospective tracks.
I have to say what is shocking to me is how bad the engineering is on many of the tracks. Even the director commented on that specifically, and he's no musical expert (although he does know what's good and what isn't when he hears it). People are putting work out there that is not up to standard, is poorly mixed, and has glaring flaws.
What's also very noticable is that most of these CD's have been maximized/L2'ed to death. Many of them have that "crew cut" or "toothpaste" look. Most have peaks at -.1 and keep hitting that. It must be that the unwritten rule now is to "master" tracks to -.1 and to be on the verge of distortion (or into distortion) at all times. It's ugly, and unusable.
If you think you will be sending your tracks out in any kind of professional situation, then *you owe it to yourself* to do some major homework and understand the processes that are taking place.
For mastering, you must read Bob Katz's book called "Mastering audio, the art and the science". If there is a good quality mastering engineer in your area, take a finished song to him or her and sit in on the session where they master it. After doing both of these things you'll start to have a clue as to how to go about it yourself on your own. Before that, forget it, no way. Buying a book and paying for one song to be professionally mastered locally is a cheap education.
If your music is going to be heard by anyone beside your immediate circle of easily impressed family and friends, then don't kid yourself, you need to know what you are doing or hire someone who does. I just hate to think of someone missing a great opportunity because their tracks were technically flawed. There's this myth that if the music is good enough nothing else matters. That's baloney, it *all* matters. If the track is technically flawed it may be unusable or unlistenable, no matter how good the music.
There is the other side of the coin, where the tracks are super smooth technically, have been recorded and mixed to perfection, but are *too* slick and lack heart. We've been rejecting those tracks too, at least for this picture.
Bottom line, if you've got talent and something to say musically, it is worth it to go the extra mile and make sure the tracks are really wonderful in every respect. That doesn't guarantee anything, but I do believe it makes the odds better.
I speak from personal experience. Like many of you I started out doing everything myself, but my recordings didn't start working for me until I smartened up and hired an outside engineer to make them sound pro and appropriate for their intended market.
I really believe that most people with home studios have a dream. While they may say they are just doing it for their own personal satisfaction, I think that many still have in the back of their mind a vision or desire to do more with it than just that. So that's why I basically wrote this whole long post, to encourage those of you that feel that way to go the extra mile and invest in some books and some sessions now and then with a pro engineer. You will learn from it, and most of all will probably totally enjoy it.