I've used reel-to-reel, Tascam cassette portastudio, Sony Minidisc with stereo condenser mic, Roland VS840 8-track... and so goes the list.

Unless I'm actually doing multi-tracking, I now record all my solo stuff and duo stuff (i.e. with another player) on two Zoom H2 recorders - and get fantastic quality for the pounds invested.

If I multitrack, I use the Zoom H2 as a mic for my Roland VS840.

Everything is personal taste - and, in the end, it's all down to the trade-off between price and quality. Here's an example of the Zoom H2 in action:

"Simple Solitude"

Now, there are more modern and sophisticated variants of the Zoom recorders - and they're all priced differently and have different capabilities. All worth investigating.