I've made some pretty funky recordings on this equipment, and then I've made some great recordings on my old Fostex X-15 4 Tk. Recorder! Patience in your setting up will work wonders in your final product!
I couldn't imagine not having my own studio, even when I had just a four track. The ability to record when I want is a freedom that I could not live without. Having a studio, however humble, is good for guitarists as well because it teaches them that there are other instruments in the spectrum and gives them insight into the processes (and pains) of audio recording.
There are still three CDs available from my "underground" period: "Nightmares and Escapades" (2002), "Megalopolis" (2003), and "Toy Island" (2003). "Lost In The Deep Blue" (originally from 2003) was re-published in 2005 by the German "Fuenfundvierzig" ("forty five") label. Also on "Fuenfundvierzig" you find the Instant Drone Factory (IDF) CDs "Critcal Mass" (2006) and "Live" (out in Germany in 2007, the international distribution will follow a little later in 2008).