Is that the M-Audio Fast-Track?
A few of my friends have them and like them
I went a few steps further and got a Presonus Firepod, Presonus also make cheaper (less inputs) units, which might be worth checking out.
Are you just looking at recording your bass/guitar, or anything else?
You could always go the micing up way.
Or you can stick to just plugging straight into whatever interface you are using.
There are a few free recording software packages out there, and you often get things included (ie I got Cubase with my presonus firepod).
There are also things like the Ampeg SVX, Amplitube2 and Guitar Rig 2 which you can use to record with if your just recording the one instrument, and you can get pretty good sounds
