It may be strange but I don't use the digital outs but the XLR's
Connect them directly to my Alesis Mastercontrol (audiointerface, mixer and controller)
Record all with Cubase Elements 6 (about 100Euro's)
Then I mixdown to wav (Elements can not mixdown to mp3)
The last step is to cut, normalize, create fade in's/out's and convert to mp3 using Audacity (free)
What do you use?