Like anything out there the D16 has it's limitations. Yes it's a 16 track machine but 8 tracks are grouped as stereo pairs which can't be changed. Depending on the way you work, this may or may not be a limitation. For me personally it is- I think Korg did this to save DSP resources.
The effects capabilities are awesome and come as standard not as expensive options like on the Roland VS 16 track machines and Akai DPS12.
You can also burn CD's directly using a compatible drive.
I don't like the faders on this unit (only 50mil and close together). However you can get use to them. I also wish that there was phantom power on the mic inputs and that you could turn the optical sp/dif connectors into ADAT lightpipe connectors if you want to transfer multiple track of data. I hate this units external power supply and to be brutally honest I think the unit is too small.
However, I love this units user interface and touchscreen. It's so easy to use- kills the Roland VS units in this regard. It sounds great and if you can live with it's limitations, you will be happy for years to come. Cheers.