If you're talking specifically about dMC, it sounds pretty good. Too bad there aren't any full-size screen shots to see how well everything is implemented from a usability standpoint.

But if you want to record from an external source, it does look like it will do the job. And as the web page says, FREE is FREE.

Audiograbber (mentioned in the web page as one of the competing products in a speed comparison) is also very good and supports the Algorithmix noise reduction plugins. It's not free, but I found it well worth the $20 for CD ripping alone. http://www.audiograbber.com-us.net