my setup is in my signature, which admittedly is a bit lame. it's basically at the limit for # of characters, so i figure once i get enough gear, i'll have to take it out anyway. my main computer is a turion 64 1.59 Ghz laptop with 896 mb ram and
a mackie onyx 1220 mixer with the firewire card, but i also use a p4 2.8 Ghz desktop with a gig of ram with an echo mia interface at times. i track in sonar 4 and, like madaudio use acid pro 4 (for mixing) soundforge for wave editing and "mastering" and cd architect.
i track on my laptop drive, but use a usb 2.0 external harddrive to backup and transfer most of my working files there once i start mixing a song.
i currently have m-audio sp5-b monitors (admittedly the weak link right now-- looking at the blue sky 2.1 $500 system, some wharfedales, or the tascam vl-5x's). i also have a crapulent rolls headphone amp and some cheap headphones which are mostly used for tracking, though sometimes they offer an interesting perspective on a mix when you think of "lowest common denominator" in terms of play back systems.
i track in my bedroom, which actually has pretty good acoustics as it is kind of large and has a curved ceiling. i use some auralex xpanders for baffling for a little more control here and there, but am pondering either buying or making some 703 baffles.
i just sold my main vocal mic (a rode ntk) to help buy this m610 that i got today, but have a bunch of new mics that i think can fit the bill-- the karma k-58,
my rode nt1000's which are excellent all around budget mics and the karma k-6's (ribbons for vibey or sibilant singers). i'd like to add an sm-7b at some point for variation.
i use mostly modelers for guitar and bass (pods) as a concession to apartment living and my girlfriend, but am also thinking of either getting
an epiphone valve junior (which are supposedly great for the money) or something more just for recording like a zvex nano amp and a cab w/ a nice speaker or a songworks 1/4 amp.
i play keys too so i use
my casio px110-- a consumer level digital piano w/ a nice action, as a controller, record midi and then use soft synths or modeled pianos to render the track i use in the mix.