Mixer. All the way. Then add on some mic pre's for different colors later. A mixer can be many things even if your mixing in the box.
It can be;
mic pres!
A monitor controller!
You can use the aux sends to feed headphone mixes!
you can control the outputs of other playback devices like a cD player or ipod!
Use it to split or mult or *gasp* mix signals!
leave everything connected and use it to route stuff instead of plugging in cables!
Direct monitoring is always better that even a milisecond of latency!
It makes your room look more like a studio!
Use it to sum your mix to mono to check it!
Use it with your PA in rehearsals!
that might be it
Check out the Mackie 1402 VLZ3 for $399. six mic preamps. use the insert outs (halfclick) as direct outs to the 001. route the outputs of the 001 into the stereo channels, setup your monitoring however you like, you'll have lots of options. I have owned both soundcraft spirit and mackie VLZ boards. I prefer the Mackies, I like the layout and flexibility of the VLZ series. But i do like the soundcraft eq way better, but who eq's on the way in anymore? Also owned an Onyx 800R. One of the onxy boards would be great.