Yo,
finally I made my very first song for Falcon 030 (16Mhz, 4Mb RAM) in the Digital Home Studio editor.
http://yerzmyey.i-demo.pl/YERZMYEY-Amai.mp3
10 channels (actually a bit too many for 16Mhz CPU, so it went to a bit lower quality in 14th position. Then I got it back to start and recorded all in the one quality, without any "clicks" while the quality-change appeares).
Work with the Home Digital Studio isn't bad however sometimes the program can be not very stable.
For standard Falcon owners - probably the most safe number of used channels would be max. 9.
Greetzzz.