VanAmp, if you're
local recordings for all types of music hip hop to classic rock... and you've got $700, I wouldn't throw all your money into one mic. I seriously think you could get better sounds for more people on more types of music if you got two complementary mics.
I'd recommend the multi-pattern ADK TL, which is transformerless, neutral on the bighter side, very clean and fast. Will run about $499 - and even less if you look around. To complement the TL, the MXL V69 Mogami Edition is an excellent darker, colored cardioid-only tube mic. Very rich and classic sounding. About $299 - and less if you look around. I reviewed it
http://www.digitalprosound.com/2003/07_jul/reviews/mxl_v69.htm
A good practice when you have a singer ready to track vocals is to put a few mics up you think will work and record them singing a few bars with the track with each mic - and then listen to the results and decide which one gets the job. Also try takes with the different patterns of a multi-pattern mics - because you'll get a differently quality of sound with each pattern. The TL has four patterns and the V69 has cardioid, giving a total of five different patterns and five different sound qualities to test and use with different vocalists and/or other applications.
If you have one mic with one pattern - such as the SM7B, which is a great mic, BTW - you shoot your wad with one mic and one sound. If you've got one mic - you have nothing more to offer and will never know if something would sound better. Also, when you're building backing vocals it's often effective to use another, even softer mic. Tube mics are often used for background vocals to get them to sit behind the lead vox.
Both those mics are excellent. TL's were used all over Ray Charles latest recordings and are used by a lot of pro artists. The TL will give the same range of performance that you'd get from similar mics such as the KSM series, AT 40 series and AKG 414. The V69 will give you a warm classic tube mic. Both mics are versatile and can be used for a lot of other applications when not on vocal duty. These mics will last you for years.
My 2¢.