I have the older 880, not the EX, and it doesn't provide phantom power.
There are several factors that can change how much recording time is available, but here's what I get out of my setup, and it's a common one for the 880. 1GB drive, MT2 mode, 44.1kHz gives approximately 540 minutes recording time. That's for one track, so if you have an 8 track song, you would have about 68 minutes total time. That comes close to filling up a CD, which is good for me because I tend to work on songs for one CD at a time.
The MT2 mode does compress the audio some and it is noticeable to me on acoustic based songs with only a guitar and vocal, or piano and vocal. For those I use the MAS mode, which sounds better. The time for that mode drops to around 200 minutes total recording time for one track though. However, MT2 is fine for recording a full band, and the noise is not really noticeable.
