Yo, Jelly-
I agree with a lot of what Macca says. Whether you really need 16 tracks depends on what type of recording you plan on doing. For instance, if you plan on micing the drum kit, you could use up 4 tracks right there. If you plan on running stereo effects, you can easily get to 16 tracks fast. The good news is that the price of ALL the machines has collapsed recently. You can get 16 tracks today for what 8 tracks cost a year ago (case in point- Fostex VF16 @ $999 @ MF, and they'll throw in a pair of headphones and a mic!).
When I started looking over a year ago, I wrestled with the PC vs. Portastudio dilemma, and settled on the portastudio. For my needs, it fit the bill. I remember reading a review in Guitar Player, where they mentioned that Yamaha was about to release a 16-tracker with a built-in cd burner. Well, they did- the AW4416. Cool machine, but relatively expensive ($3500 at the time, closer to 4k with the cd burner option. The learning curve on that machine appeared a little overwhelming to me. Knowing that it wouldn't be long before the others joined the foray, I held out. Earlier this month, Korg began shipping the D1600, basically a D-16 on steroids! Total cost for the whole enchilada, including built-in cd burner- $2000. HALF of what the AW4416 cost, and the AW4416 has been out for less than a year. I'm sure others (Tascam, Roland) will follow, but I'm done waiting, so
the Korg D1600 is what I have ordered.
Back to the 8 vs. 16 track issue, I'd rather have too many than too few. It may be a stretch financially, but in the long run, you'll be happy you went with more. At least that's what every producer I know tells me. Good luck.