The FR2-LE is a good deck that can be had for $500 or less. It uses Compact Flash (CF) cards, as do many digital recorders these days.
Secure Digital (SD) cards are physically smaller than CF cards, and a little less expensive. However, both types are getting less expensive every day. Newegg.com sells 16G CF cards for $29, and 32G cards for $59, but those prices will be out of date almost as soon as I write this. 16G SD cards are about 28 bucks, but 32G SD cards are much more expensive at about $100 a pop.
I record mostly classical music, so I always record 24 bits. Recording 24 bit words allows for easier recording level setting; if I'm 20dB or even 30dB too low in my level, I can still amplify the file on the computer after the concert without adding audible noise. Much, much easier than the bad old days of analog recording. Maybe with R&R you could get by with 16 bits (depends on the band), but with memory getting cheaper every day, why bother?
Recording 24/44.1 or 24/48 stereo works out to be about 1G per hour.
Welcome to the taper's world. I've been doing it for about 35 years and I still enjoy it. You'll enjoy it even more if you remember this mantra: "It's only money".