I see four main formats, probably two of which are for homers:
1 Computer recording: you can get a really good-sounding soundcard with as many ins/outs as you need, plus good software, for not too much money, especially if you already have the computer. Eg - Delta Omni Studio + Cool Edit Pro. Downside: it isn't very portable, and you have to get things to work with each other.
2 Standalone hard disk recorder: convenient, cuz everything works right out of the box. Downsides: for me, they have features which I don't need/want, but still have to pay for. The ones that *do* have the sound quality I want cost a bomb.
3 ADAT, like Misterqcue said: until recently a standard in pro engineering circles (the ADAT, not mrque
). If engineers use it, it's good enough quality for anyone.
Downside: expensive, and ADATs need regular servicing. Downside #2: engineers are shifting toward hard disk recording more and more. Upside: therefore, ADATs are falling in price.
4 Recording to tape: the old Tascam stuff is noisy, and the pro stuff is *way* beyond your budget.
I went the computer route because I had a computer. Then for a while I yearned for a standalone recorder because of the convenience. Now, I've decided computer recording's the way to go for me when I look at how much I'd have to pay to get the standalone I want compared to what I've already got.
Suggestion: you can get a relatively cheap soundcard (Soundblaster?) and cheap software (n-Track), and try computer recording to see if it suits you. If you like it, upgrade; if you don't, you haven't lost much money.