Hi Ted,
Have you listened to all the offerings on Kers' website? They show just what can be done with Easy Record, of which I am a great fan. With sufficient time and patience good results can come from multi-tracking, but the skills required to play live (with no pre-recorded stuff except maybe Panel Registrations) are quite different. I know a guy who takes about EIGHT HOURS to produce around THREE MINUTES of multi-tracked music. The finished article is quite good, but cannot really be compared to playing (and recording) LIVE.
Mike O'R