Yamaha and Korg both have some really good 12 and 16 track recorders out now.
Yamaha has the new AW16G which is around $1000.00 for 16 tracks, with effects, a 20GB hard drive and a built in CD burner which can also be used for playback. There are also sample pads which can be used for loading up drum loops, etc. and then arranging them back in the order you wish to create drum tracks.
Korg has the D1200 and the D1600 machines, which are considered the easiest by my staff to use. The D1200 has 12 tracks and with the CD burner, 20 GB hard drive, tons of effects sells for $1000.00. The D1600 has 16 tracks with all the effects and CD burner and sells for approx. $1495.00.
The $500.00 price range won't get you a built in hard drive or CD burner and usually these use smart media cards with memory up to 128MB and because most of these are a bit smaller, they are not as easy to operate.
The Yamaha allows for up to 8 tracks of recording at once, the Korg D1200 is 4 and the Korg D1600 is also 8. On the Yamaha you also get a compressor/limiter on each of the 16 tracks and I think Yamaha is the only company to offer this. The other companies give you the ability to use a compressor limiter but from their effect processor so you have to record the effect to the track which is saved with the song as opposed to the Yamaha being able to turn the dynamic effects on and off or change them at will without having to "burn" them into the track.
George Kaye
Kaye's Music Scene
Reseda, california