As a camcorder the Aiptek DV3500 takes almost half an hour of video on a 128MB card at 325x288 pixels. At 640x480 the quality suffers severely not only from the low frame rate (10fps) but also from video artifacts (big squares in the image). Outdoors during the day the quality is fine, however it decreases sharply indoors. Acceptable video quality can be achieved with good indoor lighting but...
The sound is mono and pretty bad.
As a still camera, it will take acceptable pictures outdoors. Indoors the story changes and the flash is good for not more than 1.5 meters. And it will ask for new batteries pronto. The lens is also not great so the pictures are not very sharp. White balance is also pretty bad.
Take the sample pictures from the aiptek website with a serious grain of salt.
What I can tell is that if I go somewhere camping or something like it I take either my old G3SD 1.3Mpixels camera or both.
As an mp3 player ... forget it, the headphone volume is way too low.
Voice recorder, it goes.
Webcam, not very good again, poor light sensitivity.
Finaly, if you manage to get it under $50 it might be OK.