Yeah, it's definately cool, I had one, but I sold it, I didnt use it as much as I thought.
But if you dont have a DAW, it's cool.
Record directly into it, hook up your monitor and you can edit the audio tracks. I dont know exactly your need, but as long as your not doing anything other than AUDIO ----your good
If you play LIVE -- good
If you use a drum Machine/Synth --- it's a lot of work getting everything to sync -- but doable.
Have fun (if you buy it)