I feel the momentum!
Tojoe:
Welcome to the d16. As for your comments. Yes, I think the effects are pretty good, especially since there are no extra effects cards to buy. I usually record guitars thru a Millenium J-Station, so I don't use the guitar effects. I record the bass directly using one of the bass multi effect presets. I record most drums and vocals dry. When mixing down to channels 1-2 in prep for cdr burn, I usually will use master effects 1 and 2 for reverb and final effect set to one of the multiband limiter presets such as "RemasterLA" or "StMBLimiter". The mastering effects really polish the stuff up. While mixing I usually set the effects input status to "track" and select the 1 in 1 out X 8 so I can put chorus on backing vocals, flanger on guitar, etc. Yes, you will get the hang of the effects insert page. Once you get used to the touchscreen you will be flying thru pages and won't be able to live without it.
The auto fade in/out is handy also. The timestretch sounds like dog dookie (hey, it can't work miracles).
The pre's are ok. All my mic's go to a mixer first, but I have used just the d16 pre's before. A little noisy, but probably expected for the price.
Yes, the four demo songs are taking up alot of disk space. With the d16 you will find that you definitely need an external cdr for data backup as well as audio cd burning. I backed up all the demo songs and then deleted them to free up some disk space. So, save your pennies and get an external SCSI cdr. I got the yamaha 8424 from dirtcheapdrives.com. I assume your d16 came with the version 2 software. If not, get an external drive and update the software immediately.
Sorry to ramble, but its nice to finally see some d16 action here.