
Sony MZ-N707 Minidisc.....Retail: $100 +
When Cathy and I first started playing around with the idea of recording shows, we were initially thinking about going old school with traditional tape recorders, the kind you use with a microcassette and use for something like class lectures. But Cathy did some research online and came back with a report on this little device called a minidisc. After more research here and here, a purchase was made for a refurbished Sony MD off eBay.
So far I've been rather delighted at how well this machine is functioning. Sure the buttons are a wee bit small and it's lacking a backlight. But as I'm not comfortable enough to edit while recording (paranoia about erasing anything), all I really have to do is slide the "record" button to the right and sit back to enjoy the show.

Sony ECM-719 Microphone.....Retail: $50 +
This was a last minute impulse buy. I've gotten mixed feedback from folks over at the mindisc forums about this mic. The mic can pick up a wide range of sound, and that's both good and bad. Sure you'll get artist performing, but you may also get the conversation of the loud couple standing behind you and any noise from silverware moving on your or your neighbor's table. Another issue with this mic is the size: it's rather conspicious.
If you're hypervigilant about quality, then I don't think this is the mic for you. But if you're new to recording live shows, are on a budget, and want something simple to operate then this mic is a good starting point. All you have to do is plug the mic into the mic plug-in power port on the MD (denoted with red), slide the front tab of the mic to the music position and make sure the power switch on the top of the mic (for plug-in power) is switched to on. The indicator light will switch to red, signaling that the mic is ready to record.
No matter what mic you decide to go with, make sure that the mic you get has a long cord. This will come into play later on! I'd suggest that you run a test recording at this point. That way, you can get a better sense of the microphone's capabilities and make sure that the mic is working. If not, refer to the manual and always check the battery.

Radio Shack Headphone Volume Control.....Retail: $7
When attached to the microphone, this device will give you some more control over audio in terms of volume and amplitude. It's a cheaper alternative to battery boxes, which can get pricey and bulky. Just turn the setting on the HVC to high (not recommended for LOUD, BASSY shows) and your recording should sound nifty.
Note: Given that the microphone is one of the main components for how you are
going to get audio, it's important to think carefully about this piece of equipment. A more thorough discussion about mics is provided here.