Yep, syo, just 2 phantoms...but then again it also has pretty decent condensers built in as well, one at each end a foot apart. If you can use those - they work great for acoustic guitar and room ambience for instance, you can use 4 condensers already. Me, I use a small mixer to provide the third phantom (I only need three; 2 for overheads and snare, the rest is passive mics.)
It records fantastically with just batteries&the two in-built mics, and the best thing is it really weighs next to nothing.
Dee
"When life's a biatch, be a horny dog"
Amps: Marshall JVM 410H w/ Plexi Cap mod, Choke Mod & Negative Feedback Removal mod, 4x12", Behringer GMX110, Amplitube 3/StealthPedal
Half a dozen custom built/bastardized guitars all with EMG's, mostly 85's, Ibanez Artwood acoustic & Yamaha SGR bass, Epiphone Prophecy SG, Vox Wah, Pitchblack tuner plus assorted pedals, rack gear etc. for home studio use.