Regarding MD's,
I've been recording with MD's for about six months now, and unless you are
sound engineer, it's highly unlikely you'll hear any difference between a
CD & MD. You can buy a Sony JE-510 for as little as $240, and a portable
recording unit like the R30 will run you about $340.00. The JE-520 is
scheduled for release in August.
As Chris Hilker pointed out, check out the MD web page for more
information.