I've seen the PowerWave, but I've never heard it. Looked interesting, but it is quite expensive for what you get (it's basically a line and mic in over USB). If you're looking for an "all-in-one" box on the cheap, try out one of the M-Audio MobilePre USBs. It'll at least give you XLR in with phantom power. Again, I don't know how it sounds, but it is at least more versatile than the PowerWave (and in the same price range).
But it all depends on his budget. If he's willing to spend a little more he can get a lot more than the PowerWave.