I've used this microphone on a number of different instruments and found it to be capable and versatile. I've mainly used it on electric guitar and as a drum overhead, and it performs well in both environments.
For a cheap microphone, I don't notice excessive levels of noise and don't need to run my pre-amp too hot. The sound is full and well balanced, but I wouldn't describe it as exceptional. However, for the price the sound quality is really excellent. Construction quality is really good, and the supplied holder is good at isolating the microphone from vibration.
For me, this microphone forms part of a demo kit for making recordings of my band, and it does a great job for this. I think for a proper studio recording I would recommend a more refined microphone, but for most live applications it does a good job. If you're looking to kit out a basic studio for not much money, I'd recommend it. There's not much to choose from at this price point, but I think that this microphone won't disappoint, and will allow you to conserve some money to invest properly at a later date.
for the price this is very good value, I've just recorded some mandolin & octave mandola with this mic, and they've both come out of it really well.
the mini shock-mount is very handy, as is the optional high-pass rumble filter switch, which I wouldn't expect to find on such inexpensive equipment.
it's not as good sound quality as a large diaphragm condenser mic,not quite as clear in sound quality, so I probably wouldn't use this for vocals, but it doesn't take up nearly so much room, so is handy for recording acoustic guitar, mandolin, etc without getting in the way.
if I broke this, I'd buy another one, because it's a handy mic to have about.