I also own a Masterlink, & agree with most of the above comments about the sound quality. I don't know why Fremer was raving about the sound quality so much. I don't think it's bad, but I agree that high quality A/D convertors are supposed to improve the sound a great deal. (I'm thinking about buying one of the Apogee or Grace products, like the Apogee Mini-Me).
It is incredibly versatile, but getting thru & figuring out all the menu stuff on the front panel & deciphering the manual can be frustrating. It's great tho, if you want to do different mixes or orders of different recordings, etc. once you learn how to use it.
It's probably worth the $$. At the very least, it's a very cool toy. And since you know how important converters are, maybe just figure that into the budget.....of course, you could buy a used DAT machine instead of the ML for $200 or $300, but it wouldn't have the versatility of the Alesis (or HI-RES CD24).
Personally, I always enjoyed listening to LP's I'd taped on my Nak BX-300.....