Your thoughts, exactly.
The new TuneTalk Stereo from Belkin features two high-quality omnidirectional microphones for recording memos, lectures, interviews, or conversations in full stereo. Review your CD-quality audio later by using your earbud headphones or computer.

Only as thick as a 30GB Video iPod, TuneTalk Stereo has a button on the side that calls up the iPod's recording menu, plus a switch on the bottom that toggles between automatic gain control for voice recordings, and no gain control for line-in recordings. A microphone- and line-in port on the bottom is accompanied by a pass-through USB charging port, which unlike iTalkPro and MicroMemo enables the TuneTalk Stereo to conceivably record until your iPod runs out of hard disk space, rather than battery life. A USB cable is included to charge from a computers USB port.

Note: iPod nano 3G and iPod classic models do not support the Quick Memo button. To record voice memos with these iPod models, simply use the clickwheel on the iPod itself