Boss Micro BR Multi Track Recorder
I've been using this recorder for a couple of years now, and it is still the best piece of kit on the market for the price. It is highly versatile for any guitarist who wishes to record and layer multiple tracks for practice or writing their own music. The rhythm section is excellent, allowing you to create your own intros, outros, and middle sections with ease. You do need to be able to count bars to do this, of course. The reason why you can't record the rhythm to a separate track (a fault in the view of one or two reviewers) is that this would remove tracks available for the final mastering, which you don't want on a recorder of this size. In mastering you only have four tracks available. I normally record on two at once (stereo), which means I can play the backing track, and the lead. The rhythm is then played separately. If you want to do a bass line either the backing or the lead then has to be in mono.
The BR also comes with a whole range of Boss effects, which you can edit and save. These are great if you're travelling and just want to take the BR with you, and a pair of headphones. The effects can be turned off when you're at home and if, like me, you put your guitar through a number of boss pedals before plugging everything into the micro BR. The output can go to headphones, an amp, or just a really good pair of stereo laptop speakers.
When you've recorded a track you can master it (10 presets available - all editable), and then save as either WAV or MP3, and export to your computer to use as you wish. The sound quality is excellent in both formats.
There simply are no downsides to a recording studio at this price, with so many features. Reviewers who criticize it for not being able to record multiple tracks simultaneously and so on really need to realize that if they're playing with a band you do need a much larger and more expensive piece of kit with many more tracks available. But for the amateur musician who wishes to record and process tracks separately, this is a perfect solution.