RecForge Pro - Audio Recorder not free, but there is a light version that's free. You may want to try it. Problem with recording mp3s on the light version which is more designed for demo is every 3 minutes the mp3 will stop. No limit for wav.
I got this information from the Phandroid forum, I have not actually tried the app, but was just doing a little research in case I were to move to a Galaxy Note II phablet.