So, wait, just to clarify: two channels doing expected chopped, processed looping, filtering, et al, while simultaneously recording two uninterrupted tracks on physical inputs of lengthy (i.e., minutes long) duration?
THAT is profoundly interesting.
Further: could you, if you wanted to, use the device as purely a four track recorder in a pinch? At full resolution? No compromises in signal quality?
This could get massive.