Looking for a decent voice recorder

I’m after a decent voice recorder for this year’s uni lectures. We recorded them for a podcast last year, and this generally worked ok, but we could do with an extra recorder to cover illness / breakdown. 

I like the look of the Olympus WS-110, which comes in at ~£40. That’s the most the most I’m willing to pay, really, but I’m happy to as long as the audio quality is up to scratch. Its features seem pretty good: it saves directly to WMA and works as a generic usb-drive (with a whole 256mb!), so doesn’t need proprietary software. BoingBoing likes it, but (as ever) the Amazon reviewers flitter between omgitrocks and this-is-a-piece-of-junk. It’s “only” 28-bit – do you think that’s a problem? It’s only voice, after all.

Anybody have any particular thoughts / recommendations?

(I’ve just seen that Amazon’s Mechanical Turk apparently works as a decent low-cost transcription service, which could be handy.)