Thanks for the replies, everyone. I am aware of the high $$ equipment: DAT, Alesis Masterlink, etc. with the $2,000 mics and $1,000 pre-amp (None of which my school can afford right now). Also, I have explored the CF-based recorders, too. I want to purchase a personal system that can record my band well while still giving me freedom to listen to my music and possible double as a storage device.
My old college band director uses DAT for pro recordings and an IRiver 140 for personal recordings. I recently heard about the Neuros, and it sounded really good. I will check up on any suggestions, though!