IF you're talking about a typical home studio, you can run the entire thing off one 20 amp circuit easily. I've run one system with a 24 channel mixer, 1/2" 8 track, 3 reverbs, 3 drum modules, 6-7 other sound modules, 3 keyboards, probably close to a dozen other processors, a DAW, couple of LARGE pedal boards, all off the output of a UPS rated at 1400 VA (about 10 amps) - only thing I ran direct was lights and a power amp. Never a hiccup, whole system thru the UPS only pulled around 7 amps at idle, around 8.5 under full load (again, not including the power amp or lights)
Rod's advice won't ever get you in trouble, BTW - he builds major hotels/studios for a living, and is one of the FEW people I rarely argue with :=)
Low voltage is anything you don't hook up to your wall power receptacles; high voltage is everything you DO hook up to your wall power.
"one leg" refers to the standard electrical hookup in homes - your power company provides 240 volts to your electrical box, in the form of two "legs" or wires that measure 240 volts AC (60 hZ) across them; from EITHER of those wires to GROUND or NEUTRAL, you will measure 120 volts. This is because the two "hot" wires are at the same frequency, but 180 degrees OUT OF PHASE - this means that when one wire is +120 volts, (actually more, I won't get into RMS vs. Peak-to-Peak here) the OTHER wire is at -120 volts; so the total across both wires would be 240 volts. From EITHER "leg" to NEUTRAL, you would get 120 volts.
Each plug-in in your house is wired to one or the other "leg", with its neutral being common. NOrmally, a house is wired in a (marginal) attempt to BALANCE the usage from both of these hot "legs" -
For your studio, running two separate circuits is a good idea because you can put all your gear on ONE leg, and all the OTHER stuff (lights, HVAC, refrigerators, etc) on the OTHER leg; this will lessen the amount of NOISE coming in on your power supply.
Unless you have a $300,000 console and five full-frequency surround speakers (about $50,000 EACH) one 20-amp circuit should run all your gear no sweat... Steve