No. It has some of the advantages - ease of copy, cut, & paste; non destructive editing, etc. It even has advantages hard disc models don't - it's quieter, smaller, and uses less power. But it uses flash memory instead of a hard drive. This means the signal is heavily compressed, like ATRAC used in minidisc, or the MP3 format. Now, this is fine in a delivery medium, but when you start comping tracks, you lose quality in a hurry.
It would be GREAT as a little portable "idea notebook". But you said "studio quality" and it isn't.
The Fostex VF-80 goes for $500 new and is the cheapest 8 track HD model I know of. If you look around, you might be able to find the older VF-8 for less, and it's basically the same machine (except you can't add an internal hard drive). People are selling their used VF-16 (same thing in 16 track version) for around $500. It's a good unit (I have one) for the money, besides a couple of small quibbles. This is the direction I'd go.