I started digitising LPs a long while back to copy stuff that wasn't readily available on CD and at a time when online wasn't an option - quality wise or for availability.

Initially used a Behringer Firewire device, then a little Terratec USB thingy - both did an OK job really but recently acquired a Focusrite Saffire for very little money and this does a much better job than both and is more versatile. I use Audacity for the authoring bit and am more than happy messing about separating tracks etc but quite honestly can't be bothered unless needs must. Only do it now for stuff I definitely can't get on CD (such as an obscure Bella Bartok recording and one or two other things I've found)