This is a bug currently which I knew applied to the OndioFM's recording screen and it seems to the Archos Recorders too. There was a row of small changes to the recording screen button mappings that should solve one issue but which in the end (not that long ago) removed the possibility to start the recording completely on the above mentioned targets.
The developer is aware of the problem and the plan now is to revert the complete set of changes and find a different solution for the first issue (in the Ipod's recording screen), he just didn't get around to do it yet. For a quick workaround you could go back to a build from before revision 23055, October 9th (if you can compile yourself), or the 3.4 release but that one has a bug with early USB (if you turn the player on while connected already).
The filename: bar will show you the filename of the current recording once it is running.