Must try this! Thanks Hugo for continually sharing your podcasting discoveries!

From Hugo Schotman: Low latency podcasting studio setup: the results.:

QUOTE

Microphone input through 'line in'.
- Hijack line in to Soundflower (2ch).
- Add your Microphone effects such as compressor and reverb to this Microphone/ line-in Hijack channel.
- With Soundflowerbed, set buffer of Soundflower (2ch) to 64.
- With Soundflowerbed, route the output of Soundflower (2ch) to built-in audio.
- Connect your headphones to built-in audio.
- Set the default system audio output to Soundflower (2ch)
- With Soundflowerbed, set buffer of Soundflower (16ch) to 2048.
- Hijack Soundflower (2ch) to Soundflower (16ch).
- Record Soundflower (16ch), recording AIFF format uncompressed.

UNQUOTE