MOTU puts out a good product, alot better than Digidesign when it comes to the entrylevel products. I wouldn't rely soley on the built-in preamps, but they should get the job done for grunt work.
Bottom line is that it will likely be a great piece once driver issues are ironed out (that always takes a few months). It's not gonna be the best value in bang for the buck, but there's enough features to allow room for growth in your setup.
What are your current/future needs in a soundcard?