I didn't actually try CallRec or any other app yet. I just saw an on-line video from the MotionApps site that said it would not do it. Then I read from other users that CallRec wouldn't. There were one- or two others I read about from other users that the ones they tried didn't do it either.
In other words, there are plenty of references on the web saying various apps won't and I can find none that do or claim they do.
I was just looking for someone with first-hand experience that says his would--whatever that app might be.
According to the CallRec Tech Support, it is unusual to find a phone and bluetooth combination that will record both sides of a conversation; but, I have that combination, a Treo 680 and a Palntronics 330 bluetooth earpiece.