I've just discovered this lovely app by browsing the web, and it's the TASCAM PCM Recorder, which is free and turns your iPhone, iPod Touch or iPad into a portable stereo recorder.
It has input and output level faders with an “on-screen” meter to check levels, and includes high and low EQ and a limiter to prevent overload. Pretty neat, isn't it? I tested it very briefly at home, and intend to test when Hurricane Sandy is out of the way...perhaps with the musicians in Washington Square Park.
It records in WAV format, and these audio files can be uploaded to Soundcloud as well. It seems it's only for iPhone (iPad and iTouch as well) for the time being. TASCAM also produces the iM2W, a small microphone designed specially for the PCM, which effectively turns the iPhone into a field recorder. It retails for $59, and might provide better audio quality than the built-in iPhone mic.
This is certainly worthwhile to consider, especially for those who are interested in joining my photo expeditions-workshops and/or my class at the annual Foundry Photojournalism Workshop...especially the latter who often are on budgets.
I shall recommend this alternative to buying an entry-level recorder, provided those interested already have iPhones. I expect the quality won't be much different between the two devices.
Disclaimer: I have no relationship with TASCAM other than being a consumer.