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In my experience the iphone is not a good tool for recording lectures. They work well if you're talking right at them, but their mic drops off dramatically after a few feet. If you want to record lectures, you probably will want to purchase another device or go searching for an iphone accessory with a better mic.
As far as battery life goes, it should be ok to be active for 2 hours, but it won't have much juice left at the end. If you can keep it plugged in at the lecture hall, that would do wonders.
Finally, phone calls will interrupt ANY application on the iphone, period. I am not aware of a way to prevent phone calls from interrupting other than to set the phone to airplane mode, which leaves you completely unable to send/receive data, texts or calls. Depending on the situation, that might be just fine though. Switching airplane mode on and off takes all of about 2 seconds.
And super finally, I would highly recommend paying more and getting an iPhone 3GS instead of a 3G. The next iPhone OS is coming out this summer and they've decided to give the 3G a stripped version of it. You can only get all of the new goodies and features on a 3GS. Additionally, the 3GS has native compass support, as opposed to needing an app for it on the 3G. I imagine that the 3GS's native compass is meaningfully more accurate than 3G compass apps, but I can't guarantee that.
I hate a few of the iPhone's limitations, but I use mine for hours every day. It's a pleasure to use...unless you want to use flash. XD
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