I own a small home studio. It is a modest set-up with a couple macs, some mics, some outboard gear, a few DAW apps, etc. I am sure there are many like it. Over the past few years I have used it less and less, as other commitments have stolen away some of my time. I used to have 5 or 6 bands in a year (in addition to my own projects). Not nearly as many these days.
When I was given the iPad as a birthday gift from the family I was instantly drawn to the audio possibilities. Using TouchOSC to control my DAW is awesome, and then there was recording! I looked at both MT DAW and the others, and decided to get MT. I picked up an iRig for my son, that I could use if needed, and set about looking for a USB interface for the camera kit.
I dreamed of an ultra portable set-up that would let me walk into a clients session ready to record with an iPad, interface, and a couple if mics. In a few hours we could record, edit, mix, and master. Looking for said interface has made it sadly obvious that the iPad won't meet my needs as a semi-professional audio recorder...yet. The main issue is the two track limit. This makes it impossible to truly multi-track a drum kit, or band recording. By multi-tracking I mean more than one record enabled track, or more than a stereo set of mics. I am unable to record a drum kit with 3 mics, let alone the 6-20 that I have used or read about (imagine 20 mics on a kit...WOW!)
I think I set my expectations a bit high. Anything that allows multiple mic connections to the interface, like the Zed 10fx, will require external power and still only allows up to a single stereo track on the USB interface. This makes the set-up less portable, and requires a power outlet. The bit depth and sampling rates are a bit of a limitation as well, although the 16bit 48kHz is perfect for grabbing audio to throw into Final Cut or other DV projects.
I could see using the iPad for quick song writing or recording a band that is ok with the limitations, or that wants a quick live recording off the mixing board, etc. For professional band recording of more than one or two mics, the iPad/iPhone multitrack set-up isn't ready, lot for me at least.
I think it's current market is the singer/song writer that is building the recording one track at a time. Oh to have more just a few more tracks. I imagine the time will come...it always does

How are you using, or planning to use,the application? Is it meeting your needs or have you developed little tricks and tips? I would be interested to read about your workflow when using MT Daw.
I have a group of musicians coming to the studio at the end of the month and we are going to have a round table discussion/presentation on the shrinking mobile studio for the singer/song-writer. I hope to get some video of the iPad, MT DAW, and my interface in action. We will also talk about limitations, benefits, etc, of the set-up. I will post the discussion if there is any interest.
Thanks for reading. And thanks again HarmonicDog