It is an ideal recording device. The Edirol R-09 costs around $400, though - not sure if that's above what you are hoping to pay. I use it and have no problems except for the cord going out and I had to get a new one. But the other day I dropped it on my hard-wood floors and the whole face plate popped off, along with a couple little buttons. I thought for sure it was a goner, but I put everything back in place and it still works! So it's a tough little machine too.
I dropped my Edirol R-1 (the precursor of the R-9) too, and it would not budge. Good quality stuff.
The Zoom Handy is a good and more affordable alernative, I think. Some people here use that, and the sound quality seems just as good.