Arduinolyzer: Arduino Logic Analyzer

I just added a reply to http://www.arduino.cc/cgi-bin/yabb2/YaBB.pl?num=1269604194 about an interesting alternative
for the logic analyser (I think).
Being an Arduino newbie I am not sure if there is a good match between the arduino and this thing, but there might be.

am I correct that on an 16mhz avr, this unrolled code
takes an st (2 clockcycli) and in (1 clockcycle) instruction, meaning a sample rate of 16/(2+1) Mhz ?
and therefore covering less than a millisecond in a 1024 byte buffer ?