I use my laptop.
I plug my laptop mic input to the headphone jack on my mixer.
I use audacity to record. Then I have the ability to burn it to CD which I then hand out to the choir members after practice so they can listen to it wherever they feel like.
Pros:
I forgot to add that audacity is free.
If you already own a laptop you can save money there.
No need to worry about hard drive space.
The ability to manipulate the audio using audacity.
If you have enough mic inputs on your laptop you could in theory record vocals, bass, keyboard, and drums separately and then combine them using audacity.
The ability to share is greatly enhanced because of the many formats you can output to.
No need to worry about USB compability.
If you don't have a headphone jack to plug into you could just plug a microphone into your laptop and use that.
You can add additional things such as a click track to the song.
The ability to save all your rehersals and then plug your laptop into your bass amp and play it back so everyone can hear how something was done 2 months ago!
Cons:
Laptops are a lot larger and heavier.
Battery life is not as good as a hand held recorder.
Depending on your soundcard you could run into a high pitch hiss sound in the recording. ( I have this problem when it is recording a lot of silence)
If the input is too hot (Loud) you could mess up your soundcard on your laptop.
Audacity can be intimdating. If that is the case just use windows sound recorder.
Assumption: I assume the laptop is a windows computer. (I don't like Macs, and Linux may even be a better option because of the multitude of free software.)