Used the H2 last Friday evening for our band practice (and the settings from the above post)...
Worked extremely well! The unit gives a true recording and it's pretty easy to quickly play back what you just put down. I did have some difficulty in getting the unit to switch between record & play modes and back to the "menu" functions (had a couple of "dead air" recordings that I had to delete) but that's probably more a function of my unfamiliarity with the device and "fat fingers". The 1GB SD card (included in the package) actually gives about 47 minutes of recording at the 4-channel, 44-16 bit settings, which is fine for what we're using it for. At first we did a quick test on a song and found that that "Limiter (Concert)" setting was good but we needed to set the general mic recording levels down to 85 (from the preset 100) and that my cabinet was too loud (dang!) -- but that was the only adjustment we needed to make during the evening. Went on battery power only (didn't bother to plug the AC adaptor in) and they went "dead" at about 4 hours of off/on/record/playback operation.
Over the weekend, I played with the Front/Rear WAV files in my Roxio sound editor and layered them to burn to 192 mp3s to share with my bandmates. The only change I made was to add just a little EQ shape to the files, but you can certainly do much more with the files. I didn't use the H2 itself for editing, though it looks like there are several features available in the unit to do similar functions.
All in all, I was impressed with the quality and relative ease of use. Will fiddle around with it some more this weekend's practice. Very happy with my purchase.