An electret is a condensor with a permanently chaged back plate (as opposed to one that is externally charged when you operate it). Electrets used to be cheap and of rather poor quality compared to condensors with externally charged backplates, but these days there are plenty of good electrets around. So, from a practical standpoint, knowing whether a mic is electret or not doesn't really tell you much about whether it's going to be any good or not.