No, but it appears on the list of widgets. You need to add it to the desktop manually.

There is one problem that I've found with it though. When a phone call is placed while the device is in mass storage mode, it does not record anything (as expected!), but then keeps popping up a yellow banner "recording since..." every time you switch to the desktop. Another call after disconnecting from mass storage is recorded, but the pop-ups do not go away. I've had a situation when I had them for days until I lost patience and rebooted the phone.

EDIT: I finally found the time to read the whole thread. It turns out the bug described in the above paragraph has been noted before (4 different links).

EDIT 2: I've also found that when you ring up someone but hang up before the other party answers, recaller continues recording until you start and finish another call. This bug has not been noted but I assume it's just a different manifestation of the same thing.