So I got the Zoom H1 pocket recorder a while ago for my birthday back in December.
and I love it. Because despite being dirt cheap, under $100, and having almost no real controls other than mic level and the ability to change recording format (48kbps Mp3 is the lowest quality format it records in and provides like 80 hours of recording time on the included 2 gigs of memory, 96/24 WAV is the highest quality and it provides a little over 2 hours of recording time if my memory serves me correctly) It produces good quality stereo recordings, it is the perfect thing for getting down song ideas with little hassle.
I will put up a few recordings I've done with it soon.