I've got a Zoom H4 on loan at the moment, and I am surprised by how capable it is.... It will record in stereo up to 24 bit 96khz detail, and in 16/44 it will record two tracks and play back four tracks, with a mini mixer and effects, and do bounce-downs. (Les Paul, anyone?)

Add to that it will operate as an audio interface front end for a laptop or computer (and as a card reader!), and you are talking a SERIOUSLY handy piece of kit...
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An arranger is just a tool. What matters is what you build with it..!