I just bought a Tascam Porta 02 from
www.blackdot.com.au (in armidale). Cheapest price one i could find in Oz at $380. Very simple, very useful; it's role for me is a "sonic notepad" / for making demos for bandmates. The hiss is there, but not too bad for what it's supposed to do. It's not a semi-pro recording solution - for that go all digital or into a studio.
The higher range Tascams have noise reduction(dbx) which deals with some of the hiss, but will set you back at least around $650. These also have EQ (very good to have) and 4-track simultaneous recording. The Porta 02 can only record 2 tracks at a time & has no EQ, which means if you're recording demo's to get gigs, etc for people outside the band to listen to you should probably go with the Tascam 414 mkii.
If you have a mixing desk you could yourselves live in practice with the Porta 02, but have to get the mix right on recording. If this is the main reason you want one though, go a little upmarket to the 414 / 424.
Note that there are computer-based post-mix noise reduction options - search around, look for a program called Cool Edit.
Best luck - they're great things to own.