The kids I've seen are experts on stuff like Ableton Live, using plug-ins, virtual instruments and so on, they even mix and produce with headphones. They usually have a single input sound interface in case they want to record vocals or a guitar and so on, drums are usually programmed with plug-ins and everything is made ITB.
Most of the times that I've been to a pro studio, I've seen people, not even that young, using only two channels of a 48 channel SSL to monitor their ITB mix. When I used to record for a living around 8-9 years ago, I always used the entire console, most people were shocked about it, usually everyone went from the outboard preamps straight into ProTools, many times the studio owner of a vintage console had to apologize to me because when I used the console it was obvious that it had not been properly mantained, noisy pots, intermmitent switches, non-working channels, and so on, however, since most people didn't use the entire console those things werent apparent to them so they didn't complain either.
A good friend of mine is an A&R for Universal Music, he told me that many of the top name mixers are doing everything ITB, not all of them of course, but a lot, this is well recieved by the label because they no longer have to pay the big studio fee.
