Thanks for the replies. I don't have anything in mind to use it for in particular. I was looking for a phantom power supply or preamp for taping and I stumbled across this. It does have USB bus power, and I have some big USB power supplies, so I could conceivably use it in the field, but it's on the bigger side. I will probably get a good recorder with 48V power (e.g. the PMD661MKII from Oade).
Free DAW software too. Not familiar with Tracktion. I don't know how good it is compared to Adobe Soundbooth or Audacity, which is what I use now for editing audio recordings.
Maybe it would be a good headphone amp for my computer? My soundcard isn't that powerful. For $49.99 though....