Today as I was jamming along (playing bass) to the song I was producing it dawned on me half way through the song that if I punched in now I'd actually have the whole song recorded! When you use punch in recording Logic is recording the audio where ever you started playback. As long as you punch in at some point you can retrieve the audio prior to the punch in by dragging the soundbite out to the left. I use capture last take all the time for midi and now I feel like I have a similar technique for audio (as long as I do a punch in of course). The rule of thumb is that you should always be recording anyways as even the very first time through a song there can be some great stuff but I know we don't always do that. I'm surprised I haven't seen this audio thing brought to attention more as an actual thing to keep in mind (maybe it has and I just missed it).