Thanks so much to all who contributed to this question! Helpful board!!
Digital-Sound - I was hoping you would chime in as I knew you were a Presonus user as well...
Still trying to get my head around it a little. With the Presonus board, the board itself is the recording surface and what you do there affects the files - which you are recording in and through the DAW. With the M20d, I guess you just load the files into the DAW.