Leaving aside the obvious question of space, that is if you need to record several live instruments
at the same time you're going to need a professional facility, then any half decent computer and DAW
software will record to the same quality as any studio anywhere. As long as you can hear it, of course.
I'm always surprised at how many people pay out a load of money on a PC and software and then listen to
the playback on a pair of $25 computer speakers.

So, it all comes down to skill. You might be the best musician and songwriter ever, but unless you have
the experience and skill of a producer and engineer, then your song will sound like a demo. Imagine what
The Beatles would have turned out without George Martin and the EMI engineers.

Do we still need professional studios? Not necessarily, but we do need production and engineering skills.
wherever we find them.