VM88 is not a bad deal now. Especially after Fostex discontinued the unit, its price dropped considerably. I bought one for its digital ADAT i/o to use it as a front end to my digi001 box. It also comes equiped with internal FX processors of two. I believe its EQ was a little limited. I returned my back. I didn't find the mic pre as great as other models. Mackie VLZ series got a much better mic pres that has a lot of head room and clearity. One other problem that I with VM88 was it was generating a lot of noise on some of the FX parameters. But I can not say that it is a bad unit. For the price it sounds like a bang for the buck. It is a matter of taste. I currently use Spirit M8 and am very happy with it.
I understand the idea of staying in digital domain to preserve the signal integrity, but you may not be able to find the richness that an analog board can give you unless you use really good A/d converters.
I personnaly use tube equipment to get the musical data into digital. Especially for samples and keyboards. Mackie board would give you really good mic pre and later on you can add a nice tube compressor to further enhance your sound. (www.hhbuse.com) Check HBB fatman radius 3 - this unit is a stereo compressor with 15 presets and it is the ideal unit for the novice and even presents a good starting point for the experience. it is basically TL Audio Fatman 3 distributed by HBB in the US. Later on also, you can add TC M-One (price dropped now!) or a Lexicon as an FX processor or even Alesis Quadverb (going so cheap now!).
You see add on later as your needs grow over time.
I would seriously consider getting a stereo tube compressor (with presets!), that would help you optimize the signal you would get into DAW while considerably warming up your sound and may be enhanching it most of the time. Currently there are presonus blue compressor with presets (it is the cheapest for 149), or focusrite penta (379 with presets).It also gives you the Focusrite class A mic pre, but is a stereo compressor with presets that you can add tube emulation through its settings. I personally preffered the Fatman 3 as it gives the punch I needed.
If I am not wrong (and may be I am!), the VM88 does not have spd/f i/o. Only in optical i/o that can be configured as ADAT or spd/f.

Regards,

F Kara