My choices for each category are backed by actual use in the studio, so I've got first-hand ... A good condenser microphone is another must-have, great for recording vocals, acoustic guitars, ...

which makes it a good all around microphone for studio use, though best for vocals. The downside of this mic is that, like the P120 above, it has a pretty high self-noise level of 20dB.

Microphone selection is heavily influenced by whether it will be used for live or studio purposes. In live performances, dynamic vocal microphones are preferred for their superior noise rejection ...