Before you purchase this, make sure that your main intent is to create karaoke tracks. That is what this is most suited for, to get technical about it. The only way to use this for music production is if you want to emulate very early Beatles recordings that were made in two-track studio settings. If you really want that type of challenge, then go for it. Otherwise, you may as well get ACID Studio instead.
This can also be good for basic demo recordings that can be done with a mic setup. But as far as serious professional-grade music production goes, please do not get your hopes up high unless you relish a two-track challenge.