Feature:
For my needs it's perfect. I use it for general recording, plug microphones and guitars and electronic drumkits straight in, and play various mixes out to 2 or 4 channels. I wouldn't mind a jack or two on the front, though. :) Only headphones there. I *love love love* that it is firewire powered. Easy, easy.

Quality:
I've been bopping this thing around in bins and backpacks for light party/road use, works great.

Value:
I paid about $900; that's the same price as the updated MK III. For a rock solid great sounding gadget with so many inputs & outputs, that seems Just Right. I never knew I needed all those ins and outs til I had them! Dabbled with quad monitoring, external effects routing... what fun.

Sound:
About a year ago I got a MOTU Traveler, which is NOT the mk iii, but the one just before. Looks the same, seems to have an identical user interface... This it my first firewire audio interface. I've used the mac built-in, a Tascam 828 usb, and an Alesis photo-25 for their audio inputs/outputs, and the traveler, even to my very non-golden-ears and mid-range mics & phones & speakers, is much clearer, cleaner, quieter and crisper.

Ease of Use:
It takes me a little while to remember the front-panel navigation when I don't use it for a few weeks. You can mix inputs to the outputs bypassing the computer pretty quickly... once you know what all the little cursor controls do. Same for input levels. When you're fluent, that's very useful for, say, a live situation where you want to, quick! add a live mic to the presequenced parts. The soundman didn't have to give us (quick) a third channel.

Support:
I've had a couple of problems and google invariably took me back to the MOTU web site where a software update was a-waiting. I had one problem where it latches into a high-pitched-whine mode, but a power cycle and reboot always corrected it. It hasn't happened in a long while; I think one of the updates made it go away.