You should be very happy with your HiMD recorder. I use a MZ-NH900 to tape shows and it has worked flawlessly. I use the PCM setting with a HiMD 1 gig disk when I know that the show is going to last less than an hour and a half, and the HiSP setting when at a show that I know is going to go over that without a break (like a Ween show). On that setting, you can record over 7 hours. That gets you into the whole lossy recording (atrac) debate, but I won't go there. My ears cannot tell the difference. I use PCM mostly because I don't want to hear people whine about the lossy recording. Of course, then they start in on the sample rates etc.
The only downside to MD in my opinion:
1. Takes a long time to swap discs (over a minute sometimes!), as someone else mentioned.
2. I have heard reports that it is very important to keep the deck still when you stop recording, as the player is writing data and creating the table of contents. If you have a TOC error on a minidisc, you're toast. Whatever was on that disc is gone.
3. The uploading is fast (even though sonicstage is a p.o.s.!) BUT be careful! If you interrupt the upload of a show you taped by disconnecting the USB cable or (as happened to me) by doing something to lock up your computer, the track you are uploading will probably be inacessible after you restart, and the file on your computer might be corrupted (read: that track is gone).
Even so, I think the thing is awesome. To hear some of the stuff I've taped with my MD, search for "melon" on bt.etree.org or thetapersden.com, where I have posted torrents of shows I've taped.
Mel.