[conyeezy]

for instrumentation (esp guitar cabinets), i love my audix i5

for cheap condensers, you're really only going to start getting above 'consumer-grade' quality once you hit something like the blue baby bottle... if you are really budget-constrained, everyone could use a cheap studio projects or akg perception mic tho

[Black Mage]

Has anyone tried the Blue SnowBall USB Mic? Amazon has it for $71.37. Comments say it has great voice recording quality, but has anyone tried it for music recording?

[Majiffy]

Digital Reference DRV100 makes for a great affordable vocal mic. Comparable to the EV 457B, with less bass response. Runs at about 50 bucks.

I've also fallen completely in love with the Sennheiser e906. I've used it to mic guitar amps, bass amps, used it to pick up a high-frequency synth line, and even as a snare mic at the top head (and it picked up the body of the snare beautifully!). If you have $200 laying around and you want to pick up what will assuredly go the way of the U87 you need to get this mic.