Czar of Cheese
Since: Jun 09, 2004
A lot depends on what you want to record. The Fostex will allow you to record 8 channels at once, and is expandable to allow 16 simultaneous channels. I have the VF-16, and I use it to record my band. 16 channels at once is quite a luxury! Then I can dump the tracks to my computer for mixdown and mastering (or sometimes I mix right on the Fostex.) Coco uses a very similar setup to mine.
However, if you're just recording a track or two at a time, then a mixer for your 0404 will serve you well. I have a small mixer connected to a Behringer FCA202 that I use when I'm just recording myself. So, I guess I have the best of both worlds!
Think about what you want to do with your equipment, and that should help you determine which option to go with.