Yudo has announced Rectools08 Lite (App Store link), an 8 channel multi track recorder for the iPhone / iPod Touch.
There’s one limitation to the “lite” version, though – you can’t save anything.
C’mon guys – you could limit it to two channels or something!
Anyway – if you’re interested in the idea of turning your iPhone into an 8-track audio recorder, you can try this out for free. Just don’t try to record your masterpiece on the “lite” version.