Had a recording session a little while ago with friends, and it was the first time we did a live recording with no microphones. The guitarist played through a Korg Ampworks, I played through my trusty Sansamp BDDI, and the drummer used a Roland V-Kit for the first time.
We really liked the results. It was also cool to be able to say things to each other without worrying about it bleeding into a track. We could also all be in the same room together, which was great for the eye contact thing. And with kids and dogs around the house, having no mics meant we didn't have any random screaming or barking in the mix. Plus, the sound wasn't bad at all.
Here's links to some recordings:
Well You Needn't Take 5 Footprints Caravan Sister Sadie Road Song
For some extra fun, special prize for the first to figure out what bass I used on these recordings.