More a control surface really. I typically use Yamaha O2R96 desk but I recently bought the Presonus Studio V3 and wanted to control the software rather than messing about with a mouse. In this respect the unit works pretty well and if you have a simple recording setup then no doubt the Faderport 16 will fit the bill.
Unfortunately I have more I/O than Euston station and that's when both the software and this unit get more or less hard work. Using in my studio I have to say that it's not really what I am used to or expect. I usually use hardware for recording (yes even today) but somehow the software solutions change all the time where things are stored as well as being more difficult to use than regular hardware solutions like the O2R96 type of digital desk.
Like I said, OK for small setups but I would not really recommend this if you are using the studio for anything other than simple demo's.