What setup to you use to record demos/your band? Dedicated Hardware Recorder/Computer Setup?
I have a Tascam 788 that I used to use for recording full band and demos - nowadays I just use it as a sketchpad for new ideas. I might sell it at some point - I dunno. It's got onboard effects/compressors - can record 6 channels at once:

I have this little six track behringer mixer which I used for phantom power and/or mixing several drum mics to a stereo pair for the 788 aux inputs

Nowadays I used Sonar 3 Studio Edition on my PC with a Edirol (Roland) UA-1000 10 input/10 output audio interface.

It has four mic preamps which are ultra quiet and have phantom power and -10db pads. The 3rd channel can be switched to a Hi-Z input for DI'd guitar or bass.
Micwise I have the following:
Shure SM-57 - Used for close micing guitar cabs, snare mic and live vocals
Shure SM-58 - Used for live vocals, snare/tom mic (with shield removed)
Stagg Kick Drum mic - Not sexy or clever - but it does the job.
AKG C3000B large diaphragm condensor - Great on vocals, acoustic, Drum Overhead, Far Guitar Cab micing
2 x Joe Meek JM27 Condensors - Great for all stereo and condensor mic applications



I use Waves plugins.