Former digital recorder user here.
As a Olympus DS-330 user, here are my experiences shifted to expectations:
1. Get a recorder that allows for computer downloads into mp3 - Without this feature, you have to overwrite files and/or have to review your work. My recorder used a weird propriety format that would required an additional step to convert to a wma and another step to get that wma to a mp3. It's more convenient to get a device that records directly to mp3 for use in an iPod or something.
2. Get a stereo recorder - Though you can always improve the quality by sitting closer to the lecturer, I generally had to strain when listening to my recordings at least a little because the monaural recording was literally scratchy. I never did buy a small external microphone to attach to my recorder, but I doubt it would have made a huge difference. Check the specifications of the device to see if it records in high quality stereo. These models will be more expensive and generally at least $150, but the quality is worth it. Get a device that has at least one higher setting than SP if you don't want to go the stereo route.
3. Get one with ample storage - You don't want to have to upload your files constantly and you want to allow yourself to have extra space to prevent having to overwrite files if you get so busy that you can't upload files.
4. Be wary of iPod recording peripherals - Though I do believe that there's a device that records in stereo, I hear that these devices drain the iPod battery quicker than a normal digital recorder. I suppose there could be more improvements to these peripherals now, but I'd read some reviews and tests before sacrificing function for convenience.
5. Get one with ample battery life - You don't want to replace batteries constantly, nor do you want to run out in the middle of the lecture.
6. You can always boost the quality of any recording by getting a miniature microphone since the better models have a mic plug-in port.
I had planned on getting a recorder that fits these parameters before I accepted a seat in a school that uses podcasts. Here are my devices I was examining but note that I haven't had a hands-on test with any of these products. I'd go to places like PriceGrabber.com, Consumer Reports, Amazon.com to read reviews about the quality a particular product.
1. Olympus WS series - Olympus is a little reputable in the recorder industry. Their WS-331M, WS-331M, WS-321M, WS-311M all boast a new stereo extra high quality mode. The cheapest model goes for $99,99 retail, which is a great price.
2. Sony series - Check out the link
HERE but the most adequate model starts at $149.95
I hope this info helps!