Been there....
This question, almost exactly worded, was asked before somewhere on this board before.
Thanks bvelaria for answering for me so I didn't have to again.....
When you consider that amount of time, practice, and price total for decent enough gear to make a quality sounding recording, where would one find time to actually practice their art, and to work on perfecting their art? Recording is my art now. Pursuing it leaves me with little time for creating and playing music.
As a general rule, i think DIY recording is more for getting the idea on tape (or, CD nowadays) for the artist to hear the idea and work towards improvements.
But when you really need it to sound good, nothing can replace a competent engineer with decent tools at his disposal.
I think home recording is a good idea for the artist because once they do go to a real studio and work with a competent engineer, they will really know the challenges that the engineer faces, and can hopefully make the necessary adjustments to make the recordings happen.
Remember at the big time level, artists are called Recording Artists......

Making it happen on tape, just performance wise, is a major undertaking all in it's own.
Ed