[dionidium]

None of your comments about the length of time the recording remains available or about duplication of existing features address the OP's question.

Also, you say:

" .... so you are basically recording conversations you are a part of and there are no laws against that."

I think that's simplistic enough to make it simply false. This looks like a good place to start:

* http://legallad.quickanddirtytips.com/the-legality-of-record...