MOTM

My choice of recording software would depend on whether you 
primarily want to record Midi or Audio.  I would certainly recomend 
Pro-Tools, especially if you are primarily looking to record audio.  
If you are primarily interest in Midi I would recommend MOTUs 
Performer.  I have heard that the upcoming ProTools 6.0 will include 
improved Midi features.
Another thing to remember is that the quality of your audio is only 
going to be as good as your converters.  Get the best AD/DA 
converter you can afford with a stable clock.  I recommend Apogee 
although I have heard that the new Digidesign interfaces are very 
good as well.