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It comes with a soundblaster card although I understand that sound card is not very good.
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I'm sure it's fine for playing mp3s. I'd say it's unacceptable for any real home recording.
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I have heard that Pro Tools is the standard of the industry
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Depends on what industry you are in. If
THIS is your industry, you are right. If your budget is less than $2,000,000 for your studio and you don't have Tom Petty on speed dial, Pro Tools is certainly not the industry standard. The industry standard in home recording is blurred because there are multiple options that are all very effective.
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I'm considering getting an Mbox 2 Mini which has Pro Tools LE built-in. At $295 it isn't cheap so my first question is whether this makes any sense or is there a better way to go for recording and editing.
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"Better" will depend on your needs. I wouldn't go the Pro Tools route for my needs, but that doesn't mean it won't work great for you. Snag it
here. I'm a Cubase guy. I'd probably go more of
this route. If you outgrow Cubase LE, you can upgrade for half price at Steinberg.net.