Usually when I record I go direct. As for micing the cab, I don't think the size matters. You can get excellent mic'd sound with a tiny cab and cheap recording gear. Here's an example, a mic'd recording of one of my band's original surf-rock songs called "Deprivation." My guitarist buddy used a USB mic placed two feet in front of his drum kit and recorded the drum track. I then laid down the bass track by placing his mic in front of my Greenboy Audio Crazy8, which has a Faital Pro eight-inch driver and tweeter. (I used a P-bass and pick.) Then he laid down the guitar track by putting the same mic in front of his guitar cab. All this was recorded into his iPhone using the MultiTrack DAW. The "recording environment" was an unfinished basement jammed with old toys and instruments scattered about.
Here's the recorded result; does the bass sound huge or what?
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Here's the cab and amp I used. I can use this identical configuration to send sound into a FOH system that fills a stadium. Sometimes we overemphasize the importance of gear size!
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