Check out the Sony MiniDisc Player/Recorders.
Outstanding sound quality(with a good microphone),convienient editing, small size and FUN to use! It is reported the discs can be recorded/erased thousands of times. Up to 5 hours can be recorded on a $2.00 disc with certain models($150-$250+ or look on eBay for a deal).
Some models record in MP3 also. VERY feature rich!
I own two older models MZ-R70's, no MP3, not 5 hour capable. After editing transfer to tapes.