Hi Seeker,
I bought an Alesis Multimix 8 about 2 years ago, It's the best small mixer I've ever used.
I had a Mackie 1202 and the Alesis sounds much better and quieter.

I tried the USB and also plugged it into my line-in. I hear no difference so I just leave it plugged into the line-in.
It has 99 effects built in. You can't edit them but, they sound very good, better than my old Quadraverb. It has an external power supply.

I plug it into a SB X-Fi soundcard. I plug a mic, my guitar amp, my guitar direct and a small keyboard into it and they all sound great. The EQ is great. A little goes a long way.

I think they've changed a bit since I bought mine. My mixer is silver and I think they are black now.
I love mine. When I bought it, it was about $149.00, They make a few now.
I've always had Alesis stuff but I never thought I'd ever get a mixer other than Mackie. This is better than my Mackie 1202. Check the features and see if it meets your requirements.

Wayne,