Well, here goes my two cents worth. I started recording way back in the early 70's. I had a Teac 3340S. I had a lot of fun with it and I still have a few of the recordings I made, but not the machine.
Then I got married, raised some kids, got divorced, married again, raised some more kids, went back to school, worked long hours, etc. etc. etc. Somewhere about 10 years ago I started up with my music again. I was very excited to get a Portastudio 7. Such power. Sadly, I was still working long hours and couldn't put that much time into. I sold the unit on Ebay.
Years later, I got the bug again. At first I tried a Foxtex 4 track digital recorder. I really didn't get good results. I wasn't trying for profession sounding, just decent sounding. I sold it on Ebay and bought
a Zoom MRS 802. I had a lot better results. I loved the built in drum machine and the ease of use. I still wasn't 100% happy, but with a machine like this creativity was fun.
Earlier this year I came across a deal I could not refuse. I found
a Korg D16XD in totally MINT condition on Ebay for $600. I bought it was have been quite impressed with the sound, the features and the results. I bought some better microphones (MXL V6 Silicon Valve and V12 Silicon Value) for under $400. I'm still trying to learn how to use this machine, but each recording is getting better and better.
Having said all of that, here is my take on the home studio vs professional studio. I will never go to a profession studio because this will always be a hobby for me. But having started with a 4 track tape machine I have to say that we live in a wonder time - gear wise. In some ways I have more power at my desktop than the Beatles had to record Sergeant Pepper. I have 144 tracks, built in compressor, effects, mixer, EQ all in one machine. I am just in awe of what we can get today. I may never get as good as results as a professional recording studio, but I plan to have a total BALL making music with it.