I have used mine off and on throughout the years to record vocals, acoustic guitar, drums and electric guitar. I mainly use it now to record my band in my basement along with a Rode NT2 which is similar but better and which I bought at the same time. I use the two mics to get a stereo recording of the band.
When I first bought this it was a ground breaking product. To my knowledge it was the very first affordable large diaphragm condenser mic on the market. Now I believe there are other makes and models available which I have not tried and cannot compare this to.
What I know about this mic is this:
It is not meant to be used in front of a loud guitar amp. It will distort horribly and could be ruined.
It does a decent job of recording acoustic guitar and vocals and drums and definitely records a much fuller frequency spectrum then a Shure SM58 or 57 and is therefore very useful in a budget home studio.
The NT2 sounds clearer and better.
The NT1 with an NT2 in stereo or maybe another NT1 make excellent room recordings of a band through a digital recording system. Everything is clear, full and present.
The bottom line is that the NT1 is a good mic for the home hobbyist but probably isn't suitable I assume for pros. If you can find one for a good price and have never used a large diaphragm condenser mic its probably a decent choice but it depends on the current competition. Its good for voice and acoustic guitar and will work great in stereo with another similar mic.