Originally posted by Jeztastic USB 1.1 is fine if you only need a couple of inputs. I have an M-Audio Duo. 2 inputs, 2 outputs, no problems. If you are just recording 1 or 2 things at a time, it's fine.
It's not just recording though, it' if you want to do any mixing etc, using any external processing. Personally I thinks it's best to get the most flexibility you can. For instance I got my interface so I could record drums, but since then we've started using synths and programming in the live set - with this I can create different click track mixes for each band member and have those on seperate outputs to the main foh mix. I'd never have even been able to consider this with the old 1.1 card.