Hm. One of these things is not like the other.

I wouldn't call the V3 cheap OR particularly portable - if you can find one used, they go for around $1300. They also don't have an internal power source, so by the time you add an SLA to the equation, you're looking at some serious lugging. Obviously they're not a rack unit, but if you're looking at a Hi-MD or an Iriver, that's way on the small end of recording units and something tells me you'd want to go smaller.
There's a big thread on the Hi-MDs in the Recording Gear forum, and one on the Iriver as well, but they each have significant limitations from what I understand (no digi-out on the Hi-MD if you record digi-in, and a file size limitation on the Iriver that will limit you to 795MB or ~80 minutes). The V3 also has no optical out so it wouldn't be able to go right into either unit - you'd need a format converter to go optical in on either one.
If you're willing to go a little bigger (and expensive), a used DAT or Nomad Jukebox 3 will run you $175-$300...
--Dave