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The apex of analog lo-fi
I bought my 388 in a non-operational state for $300. One of the best gear purchases I've ever made. I've been working with mine for over 3 years now exclusively as my recording medium. I love the interface, the limitations it imposes and the way it constantly pushes me to try to make a better recording on it. I could easily see dedicating myself to this machine for years to come.
I always wanted a Studio 8, since I saw the adverts when they were new. Recently bought a mint one and love it. Easy enough to use, sounds great (I use the DBX on and as long as you don't drive it hard, it sounds excellent) and makes recording way more fun than a DAW IMHO. If you find a good one, grab it. Doesn't have phantom power, so you need an external phantom supply if using condenser mic and only 2 sends and 2 returns could be seen as limiting, but the machine is all about work flow and for that, it's unbeatable.
I've bought 2 of 'em. That tells ya a lot.
I bought my first one about 13 years ago, sold it a few years later. I missed the hell outta it so I bought a second around 8 years ago. This machine is just plain fun to work on. I also have and Otari 5050 1/2" 8 track but still can't bring myself to sell the 388. I used to have an huge MCI 1" 8 track (easily my favorite) & I couldn't bring myself to sell it then either. It is definitely limited with no phantom power, only two sends, and a fairly terrible EQ. Doesn't take any of the fun away. A list of big records have been made on this machine. If you play two its strengths it'll pay off. If you find one in good shape, I'd say snatch it up!