Pros: everything.
Cons: headphone amp was required to record
The bottom line: buy this sound card, it's worth the money invested.
I bought this sound card in may of 2006, and replaced my old Sound Blaster Audigy 2 ZS Platinum sound card, and was immediately astounded at the different in sound quality. I use a combination of Cubase SX 3, adobe audition 1.5, cool edit pro 2.0, M-powered Pro-Tools, Live Lite 6, and fruity loops 5. I'm a recording hip hop artist, and this sound card, is beyond perfect. There's little to no latency, and allows to expand to multiple mixing boards, and the XLR mic pre-amps, are wonderfully clean sounding with vocals. My whole set up, is...

Delta 1010LT sound card
Yamaha MG 10/2 Mixer
Shure KSM 27 condenser mic
KRK RP-5 monitors
Sony MDR 7506 & Koss Pro 4-aat headphones
Artcessories headamp
cool edit pro 2.0
adobe audition 1.5
cubase sx 3
m-powered pro tools 7.3.1
live lite 6
waves gold

the only thing I was disappointed in, was that I didn't know I'd need a headphone amp, otherwise, this is the perfect sound card for anyone that wants professional sounding recordings, for a fraction of the cost of going to a big-time studio, and putting it down there. I'd also suggest in getting the M-powered Pro tools to go along with this fantastic sound card, they go hand in hand... Especially those that got this sound card before M-audio Digidesign released a version of pro tools for the M-audio sound cards/interfaces. if you'd like to hear my quality of music, go to...

http://jac.dmusic.com

I've posted up a few songs there, that I've recorded using this beautiful sound card.