pfife you did alright buddy.
1. md's come in 74 and 80 min discs. if the md recorder has an LP mode you can record longer on those discs but you sacrifice quality.
2. the recording format is atrac compression, and is how all the data that a normal sized cd would hold is fit onto the md.
3. atrac is technically not as good as cd quality though most people cannot hear the difference. it is as close to cd quality as you can get without having a dat, njb3 (nomad jukebox 3) or solid-state recorder. that's a con to most but the difference can be negligible to someone starting out.
pro's: ease of use, easily available media (at any best buy or other big store), portability, low price, easy to power
cons: tape flips, lossy compression, difficult to find a digital patch unless you carry a coax>optical converter box with you, need a separate home deck to do digital transfers (no portables have digi outs currently) - though those last two are assuming you want to do a digital transfer...which is recommend in trading pools.