Hey Gary,
Didn't I just do that?
Oh, you didn't like Jimmy Hendrick's Voodoo Child?
After I installed the program, I looked in my Temp folder for any .wav or .mp3 files that I had layin' around. I saw the Voodoo and said, "That'll do."
The original recording is a midi file that was played through Yamaha's XG Softsynth and recorded with SoundForge.
I would think a good test would be, record a good midi, one track at a time (mute the others) turning it into a .wav or .mp3 (the software will convert either). Convert those audio files back into individual midi files but picking the correct instrument for each track converted (should be interesting to see what it does with the drum track). Then use a program like Cakewalk (or whatever) to import the separate tracks into one midi file. Adjust for any timing errors and record the final product. Compare to the original.
Sounds like it could be a lot of work. I'll see if I can sneak that in during a lunch hour some time.
-mike