A lot of the recordings on here sound great. I wanted to give an example of the low-end. This is what you can expect in a non-ideal recording environment. The audio is two tracks, no editing, acoustic nylon string classical guitar, built-in mic. A couple of times you can hear the mic overload when I get the guitar too close (about 2 inches). I've also noticed pops (millisecond gaps?) when playing back directly on the iPhone, these don't persist in the mix-down or individual track downloads and sometimes go away after restarting MultiTrack. All that said, I am extremely happy my purchase of MultiTrack. Killer app.
http://www.youtube.com/watch?v=WujY4AfU0TA