I like it, for a "does lots of things portable".
sounds good, though it uses lossy compression (better than MP3/WMA, tho)
Drum machine, bass sounds
Portable, battery powered, small
SD cards up to 1GB work; fairly easy to port to PC for mixing/editing
LOTS of virtual tracks
Lots of menu scrolling to keep button count down & small size
4 tracks are stereo pairs, not individual mono tracks
SMALL faders - ick
No phantom power
It's a great songwriting tool, and sounds good enough that electric guitar & bass tracks should be usable to fly in for a CD mix. Acoustic instruments, vocals and drums... you might use them, but I'd rerecord unless the practice take was THE ONE.