Good for vocals, good for acoustic guitar, good for amps even. Mostly a "project studio" mic, but a fairly good one at that. It costs less than it should - I do believe it punches above it's weight.
The hi-pass filter/lo-Cut takes out a bit much for my liking, so I tend to leave it off and take care of any EQ that needs to be done after recording.
The pad is... well, it's a pad. It does what it does, but running through a poor/noisy pre-amp I'd stay away from it.
It is a bright microphone, but when I say bright be aware this doesn't mean "airy" or "full of brilliance". It's *bright*. On some sources it can be downright harsh, but in those cases I've had no problems working around it post-recording - besides, at this price you can afford to supplement with another, less bright sounding, microphone if you feel the need.
Works, feels sturdy and sounds good. Although I think it sounds better than it's price warrants, but it is not a "pro-studio" U47-ish sound, but you shouldn't expect that at this price point anyway.