This is my first post here. And I admit I haven't read this entire thread so bear with me if I'm just repeating what others have reported.
First some good news -
(1) I know of at least 4 people (including myself) who have purchased the Microtrack from Guitar Center for just $299. Just go to your local Guitar Center and tell them to check previous sales at other stores and they will match the price. Tell them to check their Tempe, AZ store and their Sherman Oaks, CA store for sales at $299.99.
(2) Check Ebay for brand new 6GB Hitachi Microdrives selling for just $98 (plus shipping) and 4GB Microdrives selling for $68 (plus shipping = $77 total.) These are supposedly Apple overstock from discontinued Mini Ipods (Apple only makes Nano's now). I have tested the 4GB card and it works swell. It's got a little more heft than a CF card, but those of you who have complained about the lack of heft to the Microtrack will appreciate this!
Ok now for my complaints about the Microtrack( current IBeta Firmware update 1.1.5)
(1) No onboard marking or splitting of lengthy files. On a Minidisc you can set index points and split files into smaller files and then delete your un-needed files to free up space. But the Microtrack requires you to upload a file which may be hours long to your computer and then use 3rd party software just to separate out the part of the file you want to keep. I consider this to be a MAJOR FLAW in the software and I hope they fix it in the next firmware update (which M-Audio says should arrive "sometime in November".
(2) The file-naming is ridiculous! The first file you record will be named 001. Delete it immediately and the next file you record will still be named 002. Turn off your Microtrack, turn it back on. Delete 002 and the next file you record will still be named 003. Format your disk and the next file you record will still be named 004. SWITCH DISKS to a brand new disk and the next file you record will still be named 005! Get the picture? Is that bizarre or what? I hope they fix this soon!
(3) Looped playback is erratic. Oftentimes it doesn't work at all. When it does work it inserts random bits of stray sound from outside the loop into the loop. This is an improvement over the original 1.0 firmware which had loud bump noises in every loop, but it's still pretty much useless.
(4) They claim to have fixed the reversed L/M/H switch but to tell you the truth, I can't hear the switch doing anything at all.
(5) I've found my battery life has improved a little bit after numerous charge/discharge cycles, but its still less than 4 hours using Plug-In power. I haven't tested it with Phantom Power. I note that M-Audio has downgraded its battery life claims on its website accordingly.
Even with all those complaints I'm still fairly happy with the device. I have no complaints regarding its sound quality, although the included T-Mic seems awfully boomy. I switched to Panasonic binaurals from Squid Audio and they sound great.