Very nice 
I have a few suggestions...
* display the levels even when not recording, so that one can adjust volume before recording
Added a "monitor" button - like saving but without the saving
* volume-in adjuster (knob or slider)
Added.
* big fat red "recording" lamp when recordning 
It does need an indicator, yes. Watch for V1.2.
* direct support also for FLAC and ogg vorbis, or perhaps support for external encoders via prefs, something akin to "filename ending with ogg -> encode with oggenc"
I would certainly like to add OGG Vorbis and FLAC support. See above.
New version V1.1 uploaded (same link to Stephen's page) has numerous other improvements too.
