Griffin Imic Good Option? Options

[wilfred]

You might laugh at me but I'll just ask it :-):
I've got an iBook that I use very intensively and I wonder what is the best way to record my band sessions onto it. My dad bought me an iMic for my birthday one month ago which I haven't used for recording yet but just for the fact that it output's audio better than the onboard-audiocard in the iBook and it's only about 35 euro's. Appart from this I play with my band every week and we record the songs everytime on tape. This process however is quite timeconsuming because then it has to be transported to the computer to make mp3's of it (which is basically the idea so the entire band can have the songs at home). As the iMic has an input option I wondered if it would be sufficient to provide some reasonable input quality. All the sound in the studio is captured by two mic's which I could convert into one minijack and then into the iMic. To make a long story short: Is the iMic capable of recording that with reasonable quality?

Sorry for the long post.

Regards,
Wilfred Boelhouwer