When I record acoustic guitar I usually turn off all the modules of PS-02. This way I get really clear guitar without almost any noise, then you can add reverb or anything later in computer...It also depends on type of room where you record....
The built in mic is really excelent, in the same way you can also record your live drums or even bass guitar from combo. Just put a Ps-02 as overhead mic above your drums, you can get almost full professional sound...Again it depends on type of the room, drums and mainly on drummer... Then you can add reverb or eq from mixdown effect and record it to computer and it sounds great...
It seems like the mic works from 20-20kHz. I tried to find out but it is not metioned anywhere...
I still can not find how to sing to built mic to get the nice clear vocal as it is in hip hop demo song, I am sure there must be some way, I ll' just keep on trying...