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There are two commonly used studio microphone types, the dynamic and
the capacitor (also known as a condenser).
Dynamic mics work using a diaphragm and
voice coil, rather like a loudspeaker in reverse, and have the advantage
of being tough, modestly priced and they don't need a power source to
operate. Their disadvantages are that they don't reproduce high frequencies
as well as capacitor mics and they are not very sensitive, which means
you'll probably run into noise problems when recording quieter sounds
as you have to use more gain on the preamp or mixer. As a rule, dynamic
mics are used for live work, guitar and bass recording and for close
drum mic-ing. Kick drums usually require a special model designed to
handle the very low frequencies that kick drums produce - general purpose
models tend to have the low end filtered out to prevent rumble and to
reduce popping when used close up. Probably the best known dynamic mic
is the Shure SM58 vocal model
.
Capacitor mics were once very expensive, but now that there are lots of cheaper
far eastern models being imported, the competition has forced just about everyone
to ring their prices down, so now you can buy a reasonable capacitor mic starting
for around the same price as a good dynamic model. Because they use a very
light, thin diaphragm and no voice coil, capacitor mics are very sensitive
and response well to both high and low frequencies. They are commonly used
for studio vocals, acoustic instrument mic-ing and drum overheads.
The disadvantage of the capacitor mic is that it needs
power to operate and so must be connected to a mixer or preamp that can
supply 48 Volt phantom power along a standard balanced mic cable. The
exceptions to this rule are tube models,
which have their own power supplies, and battery powered back-electret
capacitor models, which are usually less sensitive than phantom powered
mics.
Mics can be designed to pick up sounds mainly from one direction (cardioid),
from all directions (omni) or from both
the back and front but not from the sides (figure-of-eight). 
Dynamic mics invariably offer fixed patterns, usually
cardioid, whereas some capacitor models can be switched between patterns.
In the project studio, the cardioid mic is most useful as it reduces
unwanted spill from other sources but omnis give a slightly more natural
sound and so are preferred for classical recording and some acoustic
music recording.
There's a lot of hype talked about tubes, but a well-designed tube mic
does sound good, partly because of the 'kind' way they distort when faced with
high signal levels. The difference in sound between a tube mic and a conventional
solid-state model is quite subtle but the tube mic generally has a more dense
sound, almost as though the signal has been compressed slightly. Tube mics
are popular for vocal recordings because of their flattering sound but they
cost around twice as much as their solid-state
counterparts.
As with everything, you get what you pay for, but your money goes a lot further
now than it did a few years ago, especially if you're in the market for a
capacitor mic. Large diaphragm capacitor mics (the type where you sing into
the side) are popular for vocals as they tend to have a slightly larger-than-life
sound whereas the smaller stick-type mics are used mainly for instrument
recording because of their greater accuracy. However, a budget large diaphragm
capacitor mic with a fixed cardioid pattern is a good all-round choice for
the project studio owner wishing to record vocals, acoustic guitars and suchlike.
In my experience, all but the cheapest imported capacitor mics work pretty
well but expect to spend upwards of $150 dollars for something worthwhile
as the very cheap models tend to have some shortcomings. Where possible,
compare mics, but don't get too hung up on the subject as most of the models
out there today are capable of great results if you use them correctly.
Always record
vocals using a mesh pop shield in front of the mic and try to arrange
it so the area behind and to the sides of the singer is acoustically
dead (improvise using sleeping bags or blankets if you have to). Most
bad vocal sounds are down to either bad singers or a poor recording
environment, not the choice of microphone.
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