I would'nt worry about wether the card has XLR inputs because most preamps/mixers have 1/4" or RCA ins/outs anyway. Hopefully you will be using a preamp between your mics and sound card. The 1010LT has two XLR inputs with 2 built in preamps, 6 RCA inputs, 8 RCA outputs, stereo digital ins/outs, and MIDI in/out. I can't say that the built in preamps are that good though. I wish that M-Audio would have just left those 2 channels like the rest of the inputs, RCA connections with no preamps.
You do need a mic preamp in your signal chain though. Like someone else mentioned, maybe a small mixer or something. Sound wise, I would get an Audiobuddy or two over a cheap mixer. One Audiobuddy will give you two mic pre's and two direct inputs for guitar/bass. With two of em, you would have 4 preamp/di channels to work with.
If routing options are more important than better preamps, get a mixer. I have the Yamaha MG 12/4. It does'nt sound bad at all and it gives me alot of routing options. I owned the Audiobuddy before getting the 12/4 mixer and I do think the Audiobuddy has better sounding pre's. Also, the direct inputs are nice to have, which you won't get on a mixer. Mixers have line inputs.
You said you have $250 to work with. I would get the Audiophile and an Audiobuddy preamp (about $260 new for both) or the 1010LT (about $220 new) and just work with the built in pre's until you can afford a decent preamp. Either way, you will only be able to record 2 tracks at a time but getting the 1010LT will give you the ability to expand up to 8 analog tracks at once.
Also, if you own condensor mics, you will need phantom power, which an Audiobuddy or a small mixer will provide. The 1010LT card does not have phantom power.
