Quality audio recorder

I'd like a quality audio recorder application that could be used to record voice lessons, choir practice sessions, etc. with decent enough quality that it could be used for review (after transferring to a PC).

The app should offer choice of recording formats (at least mp3 and wav), bitrates (at least 192k for mp3) and stereo/mono format (why waste space recording stereo format if the mic really doesn't provide a good stereo signal). Wav files aren't practical for long sessions, so a compressed format that is still near cd quality is needed.

The app should have a record level control and a record level meter so that the input level can be adjusted to give decent gain without clipping.

I'd be willing to pay for such an app.

I've tried a number of the apps in the store and none really fits the bill. Rehearsal assistant does provide decent quality when recording to wav but not when recording to 3gp (the only other choice), and it doesn't have a meter or a level control.