I have been using an Alesis Masterlink to record FM for the past few months and it's been a lot of fun. I am recording jazz from an uncompressed NPR station and the cd's sound great. The Alesis has a hard drive that can hold 17 hours of music (24 bit/96khz) or 52 hours normal redbook. I usually record three hours at a time for a few nights then edit out the talk and songs I don't want, fadeout the songs if necessary, put space between the songs, and then burn the cd's.
A new Tascam is $500-$600. Doesn't need Music CD-R discs. Can use any media you like.