I figure if we're going to spend as much as $40/hour on rehearsal we may as well just go into a recording studio. Note that of Tyrannosaurus Mouse I'm in a minority opinion on this issue.
SonicWave has an Amek/Neve mixer and they're $50/hour.
Grand Street has some very sexy microphones and is $80/hour.
I'll go ahead and say it: Everlong is a better song than Smells Like Teen Spirit.