You'll never know until you try, will you? But I'm with Tom Bliss, Anahata and all the others on this thread who have said (a) it's about having another pair of ears and (b) it's about the engineer. The best studio in the world can turn out a poor recording if the engineer isn't up to scratch, and the best engineer in the world can probably do wonders with limited equipment at home.

I notice you haven't said what the recording project is. If it's your own music... I've heard a lot of fairly poor self-produced albums which would have benefitted from those extra ears, but because the performers have had the equipment themselves they weren't about to pay fancy studio prices, oh no. They seem deaf to the imperfections and remarkably confident with what they've done, because they've done it. Despite all the problems. You may of course be an exception (there are of course some) and be able to concentrate on giving a good performance as well as getting a great recording at the same time, but I don't see the problem with taking the heat off yourself and handing over the engineering/production role to someone else for those first takes and then working on recording the added instruments yourself afterwards.

But it's really not a simple comparison between studio and home - so much depends on just who is twiddling those controls and what's at stake. And an external producer or engineer can sometimes come up with ideas which take your performance to new heights - if they're any good at their job, that is!

I wouldn't dismiss all studios because of one less-than-wonderful recording, and I wouldn't leap to the conclusion that no one else can do as good a job on my voice and guitar as I can.