Nexus 7 for recording audio?

Hello Android Army!

I come to you all with a question, as the title implies, about the possibility of using a Nexus 7 for recording audio. To explain further, I'm contemplating the purchase of a shiny new Nexus 7 and would love the ability to record a few tracks of audio with external microphones. Granted, I'm considering purchasing one regardless but that is beside the point.

Mainly, I'm really just wanting a mobile recording setup for some podcast stuff I'm going to be working on soon. I really don't want to lug around a laptop with me, though I have considered a Macbook Air for it's lightweight portability. And also because I want something with a bit more functionality than a standalone digital recorder. But again, I have considered something along the lines of a Zoom H2, but for a standalone recorder I'm not sure I want to spend a few hundred dollars. I thought however that something like an Android tablet, the N7 specifically, would be a great middle of the road solution for a rather affordable price.

I've dug around online and have come across some suggestions of using a 3.5mm TRS (maybe TRRS) splitter and then connecting an external mic as such. I've also seen it suggested that the Nexus 7 potentially does not have the necessary hardware internally to handle this sort of setup. Also, I know that the Nexus 7 running JB supposedly should be able to run audio devices over usb, potentially allowing for a usb microphone to be used that way but I'm really not sure.

Any thoughts or ideas are greatly appreciated!