I'll be 100% honest here: I started with analog tape, went through digital MTRs (Boss BR864, BR900, Tascam 2488) before arriving at the computer (MacBook with Ableton Live).
For tracking and doing rough mixes, the MTR wins...
period. Just less to set up before you can hit the red button. While the 2488 was rather large, the Boss is smaller than a laptop and the new Zoom R series are also tiny. Then there's those really microscopic machines like the Tascam DP and Boss Micro BRs. Of course most are not
truly standalone, you eventually have to take your mixes off the MTR's storage media (hard drive or memory card) and transfer to a computer to burn CDs or make mp3s unless the unit has a CD-R drive.
For mixing and "mastering" computers win because they have many more toys to play with. Of course, you need a computer (doh) and then an audio interface and software. You may find mixing with a mouse a PITA, then you have to get into buying control surfaces, etc. In my case I spent $200 more for my interface and software than I did for my 2488, so I certainly wasn't saving any money! On the other hand, you can buy interfaces bundled with software in the $100-200 range that work well (limited to recording 2 tracks at a time...8+ will run you $400).
If you add MIDI sequencing into the equation, the game changes. The MTRs of the last few years have dropped MIDI altogether because they are aimed at (doh) folks recording "real" instruments and vocals.
Anyway if your application is
hobbyist instead of
pro,
demos instead of
commercial releases, then an MTR can do the job and I'd recommend it. Good mikes in a good room will be 95% of the sound anyway, the better the source is the closer I get to just pulling up faders and that's the mix
Since I
am a hobbyist when it comes to recording, there are times I think about pulling the Boss out of storage if only for tracking.