I too think this is a good topic, but a lot depends on your goals. I record my plunking and croaking for self-improvement. Horrifying as the thought is, I want an exact recording so I can evaluate what (or what not) to change. To that end I use a very simple setup of an ADK A6 mic through a Tascam US-366 USB interface to the computer. The A6 is famous for zero coloration of sound, and the 366 is very clean, with extremely low noise. I use, and want, no effects. My wife tells me my recordings sound exactly like me. If I wanted instead to sound good, I'd employ a much more elaborate setup. The world of electronic music is, after all, a world of illusion.