Though we have done prog in the past (early 70's) we migrated to fusion, jazz, rock, etc over the years (I'm 54). My buds and I have been playing together for 30+ years and in various configurations as time has spread us around the area.
I usually work out of my recroom studio and call my project band Music by Accident because we jam (vocs and all) then overdub our tunes into being, always on the 1st pass (because we hate to ever rehearse, sadly). When we get stuck in the mud we'll do a cover (again I wish we would rehearse). We do covers from Camel, Kevin Gilbert, Porcupine Tree etc. In years past we did quite a few challenging covers from all the old standard prog bands (which we did rehearse but recordings were on cassette tape).
Today we use Mac G4 G5 and ProTools, sometimes Garage Band. Everything goes into the puter, midi pad drums (octapads too), bass, guitars, vocs. Then we use headphones to monitor. It's a nice set up, one I developed when I had my 1st kid (for obvious -quiet- reasions), today he's 18!
I do the engineering but am self taught and seldom use any effects or mastering techniques because I don't know how to use them. When I tried I seem to squash the sounds rather then making them better, so I just record like it's a cassette recorder :)
Currently I am thinking of getting out there for a gig or 2 a month, looking for a band to do this with.
Also we are always looking for help with keys and/or vocs on various unfinished covers. Don't need to be local for this, we can email/dwnload trks as we go.
anyhoo, that's my story, and I'm sticking to it.