Last night I recorded a little string band set up (which we affectionately dubbed "The Tuesday Night Minstrels") with one microphone. We used a Rhode NT-3 (not the ideal mic for this application but what we had on-hand) and placed ourselves wherever it made most sense to get a decent mix. The band consisted of two acoustic guitars, an acoustic lap steel, violin, vocal, harmony vocal, some back-up vocals, and some brushes on a suitcase.
The recording turned out decent and I think sounds as fun as it was to perform. This was easily the most fun I ever had recording and the spirit of the whole thing really captured what making music is about to me. The idea was more of the affect than the song itself.
Anyway, give it a listen if you'd like and let me know about your experiences using this technique.
http://soundcloud.com/clinton-charlton/ ... t-you-down