I have tried many (most?) of the microphone preamplifier emulations. There are some that sound really cool, but I'm not ready to say they replace a great microphone preamplifier... yet.
Of the bunch I'd put the UAD Unison preamplifiers at the top of the list, not by a huge margin, but they appear to be doing something with Unison that a standard plugin can't do (yet). Next in line would be some of the Waves emulations, but if you listen side by side I think you'll find that the UAD plugins seem to react more like a microphone preamplifier. It is difficult to describe in words, and frankly, difficult to even demonstrate once you leave the room.
And even within the UAD collection they vary. One of my favorite signal chains right now is a Millennia Media HV-37 into the A/D section of an Audient ASP-880 into the DAW via LightPipe - yup, bypassing all the magic in the UAD Apollo Twin. Makes no sense, and yet I like the sound. Sometimes.
Sometimes it works better to just go straight into the Apollo Twin and use a Unison plugin.
What hasn't worked, yet, is the HV-37 into the line level input on the Apollo Twin. Can't explain it, but I just haven't been able to get that combination to work for me. Perhaps it is that the Apollo Twin doesn't see the microphone (or vica-versa)? I don't know.
And, if you have some spare change buried in the back yard I can't praise the Townsend Labs L-22 highly enough. We're still not replacing classic microphones completely, but many of the models sound really good, and I'd even go so far as to suggest they are very close emulations. (this is made difficult by the fact that the classics they are emulating are 30-40 years old, and no two sound the same anyway!)
All of which is straying, a little, from the original question (I do that sometimes.)
The "classic" recording workflow was the result of limitations. In the 1970s we had 8, maybe 16 tracks if we were lucky. We had a handful of outboard effects and processors, although we probably had a good EQ for each channel.
Everything (and I mean everything) had to be planned from the start. Which ain't easy, and it does limit one's options. For example, if I were recording a typical 4 or 5 piece band my track layout might look like:
1) Bass and Kick
2) drums mix Left
3) drums mix right
4) rhythm guitar
5) lead guitar
6) keys and background vox L
7) keys and background vox R
8) lead vox
Lead vox lands on an outside track so bleed only comes from bg vox.
Bass and kick land on an outside track so that they don't bleed all over the place.
If I was going to lock to time code I'd have to give up one of the outside tracks!
Typically we'd record the rhythm section with as many microphones - and channels - as we owned. A fairly standard starting point might look like this (channel assignments, not tracks):
1) kick
2) snare/hat
3) drum OH left
4) drum OH right
5) rhythm guitar
6) keys L
7) keys R
That's a handful, and we'd mix that down to the track list above - no bounces yet, but I'v'e tied up 5 tracks already! Time to start thinking!!
Next up would probably be the lead vocal to track 8, and the background vox to tracks six and seven, bounding the keyboard mix into those tracks at the same time! That could be fun!
(If I was willing to give up on some stereo information I could mix both keys and bg vox to individual mono tracks, which made life a lot easier!)
Another approach would be to mix the drums, keys, and bg vox down to a single stereo pair. I tried to avoid that because some mix decisions were made significantly more difficult that way.
Yet another trick was to use the same tape track for the lead vocal and guitar solos, since they seldom played at the same time.
From there it just came down to tracking and bouncing until you had the material you needed for the mix.
If that looks frustrating, well, it could be. But there was an element of fun to it too. AND, there was a collaboration between the band and the studio, everyone had to be part of these decisions or life could get really ugly!
The other part of the puzzle was microphone selection and placement. You could do a lot about the sound of a track by selecting the "right" microphone and placing it just so. You could get the effect of some compression, and quite a bit of EQ based solely on how close, and at what angle you place the microphone.
How does that benefit us today?
In my (less than humble) opinion it really isn't a hardware question so much as a philosophical one. I have no desire whatsoever to give up my (for all purposes) unlimited track count, nor nearly unlimited processors and effects. My decisions can now wait till mix time, which is a luxury!
Somehow I can't help but think that thinking things through - at least a little bit - still helps, especially if you are collaborating with a band, but even if you are working alone.
I still map out my tracks - although I may have five or six microphones going to five or six tracks for a single acoustic guitar (how embarrassing!) And I try to hear the finished product before I ever hit record.
Seems to me that even if that's all you ever do it can have a profound impact on the finished product. What Graham was describing - I think - is simply destructive editing in place of non-destructive editing. Apply the compression and EQ on the way in and then you never have to think about it again, which is big, but more to the point, you've already thought that part through, and it will have an impact on every subsequent step.
Guess I should have placed that paragraph first?