Is the iOS Voice Memos built-in app appropriate for recording an hour-long interview? I have been sufficiently impressed with the sound quality of the voice memos app on my iPhone.

I'm planning to interview several of my family members for up to an hour at a time. I have a 4th generation iPod Touch which I plan to use for recording. Does anyone know of any reasons why the voice memos app would not be up to the task?

I will have the device plugged in to power, and on a table in the middle of the two or sometimes three people speaking. I'll do some math to ensure that I have enough free space on the device beforehand. I have the 64GB iPod Touch.
There are various records (/1, /2) saying that since iOS4 there's no limitation in size any more. My suggestion: put the iPod on the table, run the voice recorder and see how long it goes and if the process of importing to the computer works fine.