A while back, I picked up a Spire Studio so that I could sit in my office and make simple recordings of some of my songs, because there are entirely too many of my songs for which I have no recordings whatsoever. Some of them, I may not even remember how to play. :) And the device has sat on my desk for months and months.
This afternoon, I got a couple of hours to play around with it and now have a much better idea of how it works. It's not an all-purpose recording solution -- punch-ins, for example, are absolutely impossible as far as I can tell. And although it supports some effects, it only supports them at the time of recording, so what you decide to use is what you get.
On the other hand, you can record raw tracks and export them. Or you can mix them down using a very visual little mixer that's built into the accompanying software that runs on your iOS or Android device. (Well, maybe the mixer runs on Android -- I understand the software there is not quite finished yet.)
All that said, here's a copy of "Starry Weather" that I recorded this afternoon, tracking the vocal and guitar separately using the built-in microphone. (You can hook up big microphones that use phantom power too, but that was more work than I was up for right now. :) )
For those of you who are interested in what else you can do with this beast, here's what Pete Townshend did with one. :)