Before taking the time to record a track on the Empeg, upload it to the PC, edit anything that you didn't like(from the beginning and the end), encode to MP3, the download to the Empeg again.
Why not just, take a small notepad, pencil, and write down the song you like. Then when back at the PC, use you favorite MP3 file sharing program to download a much better quality copy from the net and download to the Empeg.
Just as much work and you get a better sounding MP3.
But back to your suggestions, the Empeg could record from a key press to a key press, then save that song. It could in the back ground have a process to encode to MP3. When it was done, it could alert the user somehow. It would then be available in a 'Radio' playlist. If the Empeg couldn't do everything for the user, then the feature would be useless as I see it.
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Sonic Blue 03 Cobra Vert Owner!!!