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the ultralite has more functions, but less I/O options. it depends on what you're after. if i were only to record a couple of tracks at a time i'd use the ultralite.
the 8pre is good if you don't have many (or no) preamps and you need 8 inputs.
i currently use an 896HD and i find it does the job, however i personally would upgrade as soon as i could - i don't need all 8 mic pres and most people who do small projects at a time would only need about 4 pres.
hope this helps
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