what do you mean by "recording hardware"? Like a vs-880, or like analogue tape? Or ADATS, or a stand alone hard disk system?
The advantage of software recording are obvious:
1. Upgradability
2. Expandability (e.g plugins)
3. Flexibility (you can use a mastering application as well as a recording/mixing app on a pc, not to mention all the other stuff a pc can do).
4. Cheap media (compare backing up on a CDr o ADAT tapes or memory sticks)
5. Bigger visual feedback (great for editing)
