I'm currently reviewing some iPod recording devices. In doing research, I came across this guy who's released an album he recorded driect to his iPod using inexpensive mics, a basic PA, foot percussion (!, his guitar and voice and some ingenuity. Kinda interesting.
He's got a movie documenting the process on his website. If you are interested in recording on the cheap, take a look.
Cool link. When I saw the Carvin Stagemate, George Kahumoku, Jr. came to mind. Lawrence would know better but wasn't Footprints in the Poi recorded from a Stagemate (or other mixer) straight to a mini-disc? Similar, no? Technology is cool.