I've been doing a little more work on gpe-soundbite and keylaunch, and trying to remember to build packages for the unstable feed whenever I add something significant....
With the current packages, you can now press the iPAQ's record button to start recording, and either hold it as long as you want to record or press it again when you're done. Assuming you don't cancel the GSM-compressed output will be saved to an automatically-named file in your home directory - before long we should have some sort of 'interesting file' support in GPE so that it's easier to find files you've created, without having to look through the proper directory tree if you don't want to.