According to Tascam, it works just like a Portastudio.
"At the heart of the Model 24 is the legendary TASCAM Portastudio multi-track recording engine. Delivering quality and reliability as only TASCAM can, the Model 24 enables you to record and play back any combination of 24 tracks of digital audio as well as perform overdubs and punch-ins quickly and easily.
Record every live gig you play, build your songs track by track, or play along to pre-recorded backing tracks and record the final performance. The Model 24 is designed to work the way you work, with no delays, no limitations and no compromises. "
What you don't get are the same effects that come with the DP24 and 32. The Model 24 has several reverbs, chorus and delay. There are no compressors, or guitar effects. For its intended purpose, that shouldn't be an issue. Its designed more as a live mixer than a self contained studio. Reverb is almost mandatory for a live setting, but you would want the recorded track to be dry, so that effects can be added later.
I wish such a thing existed back in 1969. People today have so much better access to recording equipment at relative bargain prices.