Whenever you are looking at more than two channels (e.g., a 'channel' consists of a mic and preamp connected to your recording medium) things start to get fairly pricey. Natually, pricey is a relative term.
A 'modern' digital recording chain consists of a microphone (approx. $100 for a Shure SM57/58 up to several thousand for a Brauner, Geffel, or Neuman), a microphone preamplifier (approx. $150 for
a M-Audio DMP-3 to several thousand for a Crane Song, Avalon, or Manley), and a converter (approx. $250 for a M-Audio 1010LT to several thousand etc., etc. etc..). Often, converters will include preamps (or preamps will incl. converters... take your pick).
Compressors, EQ, effects, etc. are optional and may be found in dedicated hardware (e.g., FMR RNC,
Kurzweil KSP-8, etc.), or in software (e.g., VST plugins, etc.). Once again, some companies bundle this functionality (e.g., Toft ATC-2 incl. preamps, compression, and EQ, while the Rane VP-12 bundles preamps, EQ, compression, and de-esser). It all depends on what the manufacturers think will sell.
Many gearheads feel that when you start bundling components that you must reconcile yourself to compromise. For example, the owner of
Mercenary Audio praises the compression and EQ on the Toft ATC-2, but pans (somewhat) the preamps.
The best place to start is to define your
budget and your
expectations. For example, if you want to record sixteen channels and have a budget of $5,000 the response you get will be completely different than if you want to record eight channels and have a budget of $25,000.
Keep in mind also that the physical space you record in, the monitors that you use, the headphones, the cables, etc. all play a huge role and must be budgeted for. So along with your expectations and budget, be sure to tell everyone what you already have. If you have a 1,000 sq. ft. studio, or several mics you want to use, tell us.
And we haven't even touched the computer yet!
Luck.