That 1616m is a BIG JUMP over the fast track ultra... I owned the first fast track (for about a month) and I currently (I should say still) own the E-MU 1820m, the old version that they phased out, the 1616m is the latest. IF you got the 1616m PCI or PCIe none of the fasttracks can touch them in low latency verse audio track count, plugins, softsynths etc... you would be HARD PRESSED to find ANY USB or Firewire that could come close to what these units can do. I have used the DSP RFX Comp and EQ many times in recordings. They are of solid quality, but I only used them during recording. Re-wiring them takes a bit of CPU so not worth it to use them during mixing imho. Also, the mic pres on my 1820m are VERY nice sounding and the 1616m mic pres are supposed to be better... on the spec sheet, they ARE better.
BUT E-MU, like MANY other companies has a slow support structure... Email support only. So if you need support with that 1616m you will need to be patient. There is an "Unofficial Forum" that people would be happy to help you there if ya need. It's a nice little nook on the net for E-MU users. Plenty of info there... I am a master with my 1820m all because of that site. Just no phone support, there used to be but they took it away... /sigh ...IF I had more money to buy something different... yes, I would have, but the 1820m is what I could afford, so that is what I bought.
ALSO... you could go with the E-MU 1212m and use the extra money to buy a preamp like Mojo was saying and Len911 agreed with. That is a very nice interface and less expensive then the 1616m and it has the same converters. And the 1212m has balanced inputs like your 192 does.
If you stay with the M-audio 192, you should be fine. With a new preamp... I am confident you could make some really good recordings. The more I think about it... Your 192 is a PCI interface and no way would the Fast Track be faster then that once you start adding up plugins, softsynth, more tracks etc... MAYBE if your 192 don't have a DSP and the Fast Track does... Which I HIGHLY doubt. Otherwise I have no clue either why he would recommend going from PCI down to USB... YUK!!!!
Just a little more info on USB vs. Firewire... USB is more like a buss taking you somewhere, slow to start but it can go fast. Firewire is more like a sports car, handles the turns REALLY well although on data sheets USB 2.0 (480mbps) is SLIGHTLY faster on the top end then Firewire (400mbps). Personally I do not like Either of them at lower price ranges. I prefer PCI or better. But a pro unit with Firewire can be extremely awesome so it really depends...Like I said, drivers etc...
I totally/respectfully disagree with Len911 on that Peavey having better preamps... NOT a chance. Why Len911 would claim that peavey makes better preamps then the one E-MU are using is beyond me. Let alone I am confident that peavey mixer isn't getting above CD quality following the entire chain... IF it is over.. it's probably barely over. I can't find ANY data sheets on that mixer and that usually is a bad sign. The 1616m is WELL OVER CD quality through the entire chain. Your 192 is over CD quality as well so you should be able to get decent recordings with it. IF you do decide on the 1616m check your motherboard and see if you have a PCIe slot. If you do, get that version .. or the 1212m also comes in PCIe. BUT there is really no reason, that I can see, to dump your 192 unless you are going to "jump up" like Mojo said.
Another alternative I had considered was a Mackie Firewire unit, I read some poor things about it so I passed it up. They make a new version of it now and so it looks like they worked the bugs out of the old version for this new one. Link here:
http://www.mackie.com/products/onyxinterfaces/ I am showing a price of $499 at zzounds on that, but they are not in stock yet.
Whatever you decide on... I am sure it will be a decent choice. The E-MU 1616m and 1212m have been around for a while, they both are on the newest versions which mean, they have been "upgraded" to fix flaws in the older versions. This Blackbird is a new version of an old unit Mackie made so it is a "fixed" unit as well. All tried and tested and revamped... Just beware of the new fangled units that haven't been around for a while. It doesn't take too much research to find out if a unit was built on the back of another unit or not.
Good Luck,
Rob
EDIT: BTW, the specs on the 1616m mic pres is; (60db of gain) and if they sounds as nice as mine on my 1820m then they are awesome!!
Microphone Preamplifier:
- Input Impedance: 1.5Kohms
- Max Level: +6dBV (+8.2dBu)
- EIN (20Hz-20kHz, 150ohm, unweighted): -129.5dBu
- Signal-to-Noise Ratio (A-weighted, min gain): 119dB
- THD+N (1kHz at -1dBFS, min gain): -110dB (.0003%)
- Phantom Power: 48V
- Soft Limiter: 5dB max compression (software selectable)