After trying this out for a few weeks, it's going back to Best Buy. My wife taped her choir rehearsal with the internal mic and it's probably on par with the much cheaper units only with 1GB storage instead of the H320's 20GB. Unfortunately, I was too lazy to try 4022>sax>h320 to test the analog in's.
My main issues were that on various websites, I had read that there was video support, .wav support and mac os x support. However, they required firmware updates that were only valid for irivers bought in europe or japan. I'm sure the firmware update would work on my unit, but it would invalidate the warranty.
The H320 came with a software disk that basically only needed to be run on Win ME and 98 SE. Their answer for music mgmt software is to connect the unit via USB 2.0 and just drag+drop files via file manager to your h320 connected as a hard drive. It would be usable but definitely pretty lazy on iRiver's part not to have their own application. From what I read online, they do provide such support for their other products (iFP's and H10's) but not for the H300 series.