I say go for the mixer man!!!!
Depending on the inputs/outputs of your mixer there will be very few to an unlimited amount of things you can do.
If you like rack gear, just use a TS cable from the "output" of your rack gear, and plug that same cable into your "Inserts 1,2,3,4,5,6 etc etc etc" of your mixer.
Depending on how many channels your mixer has depends on how much rack gear you can hook up.
This is the route I have taken as well.
Alot of people tend to disagree with this method........I dont know why, but if you can afford it go for it.
My setup so far is this.
MXL992/ Shure SM57 are hooked up to inputs 1 and 2 on
my PV-14 mixer via 2 seperate XLR cables...........I dont have an external preamp yet so I am settling with the Peavy-14's XLR inputs for now.
My signal then goes to my "Main outs" which are L/R.
The Main outs on my mixer are connected to inputs 1/2 on my Delta 1010 via 2 TS cables.......or 1/4 Mono cables.
outputs 1/2 from my Delta 1010 are hooked into inputs 1/2 on my Pa mixer
I dont have powered monitors so I am using two seperate amps to run 4 seperate Speakers, which are 2 PR 15's and two peavy 10 inch full range speakers.
As of right now I really only need to record one track at a time, but I will be recording my band in a few months.
With that said.......this brings me to the next step.
If you are into rack gear then I say get the mixer because you can hook as many peices of rack gear into your mixer as you would like, or as much as your mixer will allow you........1 piece of rack gear will equal 1 insert. Unless you've got a mixer with a billion inputs.....then who knows what the possibilities could be.
Generally though.......the top of the mixer will have 1 XLR input, 1 line input, and 1 Insert input on each channel.
If you really do want to go this route I would HIGHLY RECCOMEND an external preamp with "direct outs" on each channel..........this way you can bypass the cheap preamps on the mixer itself. Unless you have a mackie of course.
The preamp im going to buy within the next couple of weeks is going to be the M-Audio Octane. You definetly dont have to go that route, but I really like rack gear myself!!!!!! A lot of companys make 1 and 2 channel preamps that will fit right into a 19 inch rack space though.
The only problem with using your sequencers or softwares signal processors is that its gonna rob ALOT of your computers "horsepower" which will result in tracks dropping out, popping, clicking, etc etc etc........
In both of our cases I wouldn't buy the mixer for its "preamps"........I bought mine simply for routing capabilites/to have more control of my signal before conversion.
Dont get me wrong everyone else's ideas were great too!!!!!! Im just giving you another option here.
If you ARE curious about the mixer route you can do the following.......
1. Buy a mixer............do this wisely the first time.......this meaning "make sure you buy one with enough "inputs" so you will be satisified for years to come.
2. Buy an External Mic pre............I only say this because its better to bypass the mic pre's in your audio interface/mixer........you should notice a slight upgrade with sound quality going this route due to most mic pres in Audio interfaces and Mixers are of the "consumer" type.......many will argue that though. What REALLY matters is your skill level as to "TWEAKING" what you have recorded in your sequencer program.
MONEY CAN NOT AND WILL NOT EVER BUY OR REPLACE YOUR SKILL OR "KNOW HOW" as to what to do with an audio signal recorded in your sequencer program.
If you have good engineering skills you will be waaaayyyy ahead of the game, EXPECIALLY when you finally DO take that leap of faith and buy expensive equipment!!!!!
anyhooooo.....................
3. You can use a line output on your audio interface from your mic pres on your audio interface as well, if you dont want to buy external mic pres.
4. Load up on rack gear!!!!!!! plug each piece of rack gear into your "insert" inputs on your mixer
5. connect the "main outs" or "direct outs" of your mixer into the Line inputs of your M-Audio interface.
The only crappy thing so far unless there is a work around..........is that you cant record/monitor with a mixer unless it has an Alt bus...... It would be awesome if I'm wrong about that!!!!!!! But everytime I record more than one track the mixer just picks up what i have already recorded through the outputs from my delta 1010 and just records it again.
To work around this i just plug the outputs into my PA mixer and all works well!!!!!
CHEERS!!!!!!!!