Are just three LED meters acccurate enough for setting levels?
The LED meters are much more accurate than you might think. The main processor calculates the level of each track in real time and simultaneously controls the LED meters. However, it doesn’t just turn an LED on and off, it varies the brightness of each LED so that the meter gets brighter as the signal level gets louder. Typically, in the soundcheck you would set the mic amp gains such that the RED LED was just starting to come on during the loudest parts of the input. This should give you adequate headroom for making a perfect recording.