I like Garageband too. I use ProTools most of the time and like the Digi001 (but that's a PCI card and breakout box anyaway) but the MBox is not a device I like.
There's a few things really: doesn't seem to be much headroom in the pre-amps before they clip, no monitor volume control, latency thing between the input monitor/output monitor knob.
It may be OK for you though, it's quite cheap and you get ProTools with it. I've also seen a Mackie unit that's quite similar to that but never used it. The Digi002 Firewire unit looks great and I'm looking to get one although it's a little pricey.
Some MIDIMan stuff is also OK - take a look at that.
Mostly, athough there are some exceptions, Digidesign stuff only works with ProTools but other gear can be used with any program/sequencer/whatever.
Other options could be a Pod or some other guitar/bass modelling device to put in guitar parts and then use soft-synths for drums/synths etc but I'm really not sure about if the USB can transfer audio or just controller stuff.
Just a couple of my thoughts...