Analog tape running at 15 or 30 ips with Quantegy 499 or GP-9 tape is superior to just about any recording format out there. The biggest issue with running analog tape is the cost ($20 for ~30 minutes of 1/4" tape at 15 ips) and maintenance (cleaning the machine after each use, demagnetizing, making sure that the tape is properly packed on the reels). Properly maintained open reel tape is not a user friendly format. Running the tape at slower speeds with less expensive tape or recording onto a consumer quarter track machine will yield decent results but you are better off with a good CD-R at that point. Keep in mind, to achieve proper performance the bulk of the cost is in the tape, not in the machine.
The Otari 5050 mentioned above is a great machine for not a lot of money these days. They can be had on the used market for < $1,000. However, if you are looking to spend a little more (approx $2k), you can get a Studer A-80 which is both sonically and mechanically better than the 5050 but takes up a lot more room. The nice thing about the 5050 is that it gives you a lot of bang for the buck. The step up from that is the Ampex ATR (especially ones modified with the transformerless I/O boards) or a Nagra. However, these machines will cost upwards of $5-6k for a 1/4" machine.
The Otari 5050 mentioned above is a great machine for not a lot of money these days. They can be had on the used market for < $1,000. However, if you are looking to spend a little more (approx $2k), you can get a Studer A-80 which is both sonically and mechanically better than the 5050 but takes up a lot more room. The nice thing about the 5050 is that it gives you a lot of bang for the buck. The step up from that is the Ampex ATR (especially ones modified with the transformerless I/O boards) or a Nagra. However, these machines will cost upwards of $5-6k for a 1/4" machine.