"I, however, believe that it is possible to do pro-level home recording these days."

Absolutely! It all depends on what you are willing to put into it and the knowledge you can rely on.

There is something to be said for a reliable engineer who has done it professionally. They know the nuances as well as fixes and tweaks that the hobbyist may not have come in contact with. It is the same with any job. I can do a decent job of painting the bathroom, but I know a pro can do it faster and it will look better. Still, we do what we enjoy.

"I won't ever be doing a CD except something I hack out for my kids at home, but I didn't understand how the real process works"
For that, you will succeed. Your kids will enjoy hearing your voice and songs and the love for you will fill in any sonic imperfections. Not every recording needs to hit Amazon.com.

At the same time, if you do wish to attempt some degree of commercial success, consider where you spend your money and what you will get out of it. You can pay $1000 to get some decent equipment at home, or you can find a decent recording studio that can provide a superior product without the hassles of setting up on your own. It is an individual call, but please do not expect to walk into Staples and buy a pieceo of software and a $20 mic and come up with a pristine sounding recording that everyone will rush to buy.

As Peace mentioned - you need to have something good going in.   (And Peace recorded an exceptional CD!!!)

Best advice - be prepared - remember, you can't polish a turd!!!