Here's a test. I have been experimenting with my new Edirol 09 portable flash memory recorder, which has built-in stereo mics. I recorded a song with the recorder sitting on the music stand in front of me, then again singing and playing through a pair of condenser mics and a mixing board and into the recorder with the output. First directly into the recorder's built-in mics: http://users.adelphia.net/~jessehj/beautyrec.mp3
I think the direct recording sounds okay, but the external mics allow more precise placement and a better separation of the vocal from the guitar. Jesse Tinsley