well, here is my $.02
The Fostex MR-8 is a wonderful little digital recorder. It is very easily used, the learning curve is very small. It is portable, and can even run on battries, so it is very handy.
If you and you band are willing to record in one insturment at a time, (or a insturment set in a stereo pair) then it will suit your needs very well.
I assume as a band, you have SOME kind of mixer: even a powered head type mixer. For you first effort, that will probably work just fine.
!! (dont plug the speaker outs into the MR-8, use a line out or a puff of white smoke may alert you to a sudden impedence mismatch)
Now then, one thing to remember. You have 24 minutes worth of recording time on the included card. That 24 minutes, divided amongst the 8 tracks leaves about 3 minutes worth of recording time using all 8 tracks.
That is a little restricting. But you can doulble that time by using a lower sampling rate and output analog. Plus there are some other tricks like not recording empty channel to save time.
The VF 80 does add some features, but the MASTERING is not what you would consider EQ's. It's a push button turn it on effect.
I dont go to computer, i do everything on the MR-8, so i use the effects, the mike and cab sims, and the mastering buttons. It has served me well recording my 1 insturment at a time.
It takes a little practcie to get the adhesion or the unison feeling, but it can be done.
Good luck in finding your best bet.