Recording audio from Krome to iMac

[Makboy]

Hi, I'm new with KromeEx, I would like to know if somebody is already using the Youtube's trick for recording audio from the Krome to iMac (Garageband etc) by using a mic/headphone adapter inserted in the iMac. It seems a "cheap" solution.
Does it record well, does it even record in stereo? any advice for recording audio from Krome to iMac? I'm not a professional, but I'd like a decent CD quality (or better) to listening the songs on iTunes.

Even if I have to buy an audio device I could consider it as well, but not something really expensive.

thanks in advance.