H2 has two mics built into it, so what little I do understand it can be used to record in stereo. Contact Sami is you need more technical details =)

But, yes, one of the pros of H2 is that it can be conveniently used for field recording sessions. Sami has also used it for recording ambient sounds for UrW; like placing it in nocturnal forest, leaving the recording on for hours, and then returning to collect the device curious to see what kind of sounds it has captured. I think he once said there were sounds of a moose approaching, and sniffing H2 =)