Short answer seems to be "yes". Limitations seem to be short recording time and no bouncing tracks (where you free up tracks by mixing down already recorded tracks.)

It does have a mic input in addition to the built in condenser, so the quality should be okay, and it's from Korg, so they know what they're doing.

You'll need to back up to your PC pretty regularly.

It's not clear whther the 34 minutes is really 8.5 minutes (i.e. 34 minutes shared between the four tracks) and you might want to check that out.