Ah, after hanging around the Jacklab forum (where nobody talks much) it's nice to hear some discussion!
I too am using a M-Audio Delta card (44, same as 66 but without the digital i/o. I am hoping to upgrade to a Behringer eight channel A-D/D-A converter/eight channel mic preamp rack mounted unit. But it outputs to ADAT, and I am having a hard time finding a card that takes ADAT without a lot of extra i/o. I really like the RME stuff, but it's alot of overkill for only eight channels of ADAT. I am looking at the Emu 1212m pci card, which almost perfectly matches my setup (ADAT i/o and only two analog channels, perfect for monitoring) but I am not sure if it will work with linux right now. Anyway, I use a Behringer eight channel mixer in my set up (mostly for the preamps) and a Boss BR-600 digital recorder for (of all things) effects processing (the BR-600 used to be the heart of my studio before I moved to Linux with the Delta card). Next thing I need is a decent pair of monitors.
I also use Fluxbox (or e17) when I am doing the recording, and I have disabled alot of services to save memory. Using a 2.6.21 rt kernel, I can get less than 2 ms of latency with little trouble. Plenty fast for me!
Of course, all of this is on my JAD machine, since my Gentoo iron is still in preparation. My dream machine would be a dual core beastie dual bootong 64 bit Gentoo and 32 bit JAD (for wineasio, vsts, etc. And I am a opensuse fan...).
Mics, well a couple of no name dynamics and one Audix dynamic. Hoping to get a good instrument condenser soon.
I really enjoy audio on linux. Besides the ability to use pro quality software (legally) without going broke, linux is so flexible. I can use KDE for my normal work and switch to Flux, e17, or even (horrors) twm for heavy work. Try doing that on Windows (or even Mac! All I can think of are those precious processor cycles being eaten up by this silly dockbar...

). I really think that linux is optimal in many ways, and I am very excited about the Linux Audio Proof of Concept project that's going on now.