Lance,
A computer can do the same thing but the problem is how will you store the data! On a computer you would have to use up Hard Drive space and thus use your computer for playback, or you could compress the files using .ape or other so called lossless systems and store them on CDR and then play them back on your computer in order to decompress.
The Masterlink allows you to record and store high rez on it's Hard Drive or CDR's, albeit, the latter you get around 20 minutes of 96/24 but if you are doing albums that may not be a problem. "All of this in a nice stand alone unit that can sit on a shelf next to the rest of your equipment."
There are going to be some more very good options available soon, and some already available that few are talking about but none as affordable as the Masterlink. Nagra will be releasing their Nagra V, which will have removable hard drives that you can plug and play and will record at 24/96. Also, Pioneer and Tascam make high bit rate DATs as well as there is the Stelladat which records at (96/24) straight to DAT. All of these range from $3,000 to $12,000.
I do not own a Masterlink but I have a few friends that do. For my recording purposes they are of little benifit. "I record a lot of concerts and I need more than 20 minutes of uninterupted time". But if I needed a new CDR and at $1000 the Masterlink is at present, IMO, the "monster on the block" I would seriously considering buying it.
But remember, "You are recording to CDR and CDR's are very unstable and should not be considered anywhere near archival"