If one has the resources, I'm a big fan of recording basics to tape (drums, 
bass, vocals, maybe some guitars) and then bouncing the tracks into a DAW, 
tweeking the levels, editing, adding tracks that don't need the benefits of 
tape compression as much (percussion, keyboards, some guitars, even backing 
vocals), and then mixing though the best outboard gear you can find/afford 
onto a two-track master tape machine (ampex, studer, etc), then taking the 
tape master to the mastering studio instead of a cdr.  Perhaps in the 
future the tape compression simulation programs will be identical to actual 
tape, but they're not quite there yet.  Nothing at all wrong with recording 
entirely in the digital environment (it can certainly save you tons of cash 
if you're smart about what gear your need and don't need), but if you can 
do your basic tracks to a decent tape machine, it can definitely help you 
get closer to that analog grooviness that is so pleasing to the ears.  Good 
idea about the hybrid technique, too.

Andrew

www.thetrolleyvox.com