Although I have only briefly skimmed the surface of what the Studio UX2 can do, it would appear to be a great little bit of kit for the budding home recordist!
My band and I had a little play the other night with a couple of tracks which turned out pretty good. The software that packages with it is very comprehensive allowing you to do all sorts of things with the recorded tracks. The drummer did find it a little difficult to lay down the drum tracks using a PC keyboard though so a midi keyboard or drum machine may be the next purchase.
Monitor wise they don't tell you that you will require powered monitors to here anything out loud although headphones will likely be what you will use when recording. The standard PC monitors do seem to work ok though plugged into the earphone socket.
The reason I haven't given it 5 starts is because it does not come with any concise instructions which I feel Line6 need to address. I am a web developer so very familiar with setting up computer hardware and software, but it still took me around 3-4 hours to get it all up and running after finding some great tutorials on Youtube. All I would say is search for these first and don't use the packaged disk as I think it is a few versions out of date as of writing.
Apart from that an awesome buy.