I thought I'd throw in these two cents as well.
A friend of mine has used his Edirol R-1 for recording certain "speech" type events (stand up comics, lectures, other speaking events) using just the built-in mics on the R-1, and recording in MP3 format at 256 kbps. He would simply start the R-1, hit the Record button twice, and then put it in his shirt or pants pocket and let it run.
Surprisingly, the recordings generally turn out very well. All things considered, yes, it's MP3 recording... but it's only "speech" and it was "good enough" for his listening/playback needs. And, using only a 2 GB SanDisk memory card and recording at 256 kbps MP3 means ample media space for recording.
I'm not suggesting to go the lower quality route, but just pointing out that other people have simply used the built-in mics and MP3 encoding on the Edirol units for recording "speech" events, and it met their needs/wants.