I've been doing it the "hard way" for years for cassettes, which works fine, but this'll save SO much time! Plus the ability to convert LPs will be GREAT because I have so many limited edition/rare vinyl that probably will never be released on CD or MP3. Only potential problem is, I hope I'll be able to use the earphone jack on the "retro" LP/CD/Cassette/Radio combo unit I have with good enough results (it doesn't have RCA outputs for some reason)... but it should work okay.
SC, the site doesn't leave any info out -- there's probably too much info that makes it look daunting lol -- but it shows you right there how to hook up and use basically everything...