A lot of your problems are around file formats. I would think you would want to be able to pass files between the device and a computer. That would probably mean a USB stick or flash card, I'd be thinking SDHC rather than compact flash. So you probably want to be able to create and manipulate a FAT32 directory structure. A uproc, maybe with onboard program, like a PIC, could probably handle this. It can also deal with the A/D configuration.
Then there's the question of a User Interface. How are you going to name files? You could have an auto-incrementing numbered system, like a digital camera, I guess. So, one button, push to start recording, push to stop recording. What about monitoring and recording levels? You can have auto, but it's never very satisfactory, it hunts or pumps when you least expect or want it. So I guess a couple of bargraph displays, a volume control and a headphone socket.
Then there's laying out the analogue front end. This is going to be critical to the performance, and of course you want to be able to keep the digital noise out of the analog bits.
Then there's buffering and shuffling. Some SRAM is probably the easiest way of dealing with the buffering, it's simple to implement and fast. I'd probably use a CPLD to manage the buffers (2 or more), you write to one, when it's full you write to the next and unload the fulll one to the flash memory. You can make the buffer match the flash block size. If you read it out to the flash at twice the sample rate you'll have plenty of time to manage the flash write procedure, SDHC cards are fast enough to swallow HD video so some audio channels should be OK. A CPLD will allow the construction of a simple finite state machine counting memory addresses and rolling over from memory chip to memory chip. The simplicity and regularity of the CPLD will simplify the problems with the last issue, the clock.
The clock.obviously requires an intrinsic low jitter and the distribution and usage should not introduce further problems. One of the areas contributing potential problems to the clock is the design of the power supply.
In the tradition (short) of digital cameras, most people will want to be able to play back the recording on the same device, that'll add a button or two, how are you going to select which recording to play back?
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