Yo Ashmaybe! Before we give you *totally* useless anwers, what do you intend to plug this mic into? Although there are subcategories, most mics generally fall into one of 2 categories: Dynamic mics and condenser mics (usually referred to as capacitor mics across the pond). Most condenser mics require something called phantom power, which is sent back up the mic cable to provide power for the mic. Both types are widely used for vocals, but most (not all) folks favor condenser mics for recording acoustic instruments. If you are going to plug the mic into something that doesn't provide phantom power, and you buy a condenser mic, you will be pretty well screwed.
The second thing we need to know is where you are. What $400 will buy in the USA and in Australia or England is two different things. That said, there are some other qualities/design features of mics that affect your choice, the main ones being diaphragm size and polar patterns. Small diaphragm mics (usually about 1/2") are preferred by many for acoustic instruments because the lighter diaphragm responds well to fast transients, when things go from quiet to loud, and then back again very quickly. Large diaphragms (usually about 1") are often favored for vocals, precisely for the opposite reason, because they respond more slowly to variations in the vocal output, tending to smooth things out a bit. There are also a few medium size diaphragm mics (about 3/4") which split the difference.
Dynamic mics have generally weaker output, and therefore require recording equipment that can produce a lot of gain without a lot of noise, and are often employed on very loud sources (drums, amps, belters and screamers), and may have advantages in recording where there is more background noise.
Regarding polar patterns- this describes the way and the degree to which the mic's pickup is directional. The most common type is cardioid (shaped like a heart) They pick up more to the front, less to the back and sides. They can be less directional (wide cardioid) or more directional (hypercardioid and supercardioid). The other most common types are omnidirectional (a 360 degree sphere- basically not directional at all) and figure of 8 (picks up more to the front and back, but very little to the sides). Note that all directional mics (anything *but* an omni) produce "proximity effect". When the source is real close to the mic, bass is boosted. Vocalists, DJ's, and standup comedians often use this effect as a tool, flirting with the proximity field, and moving in and out of it for emphasis. Omnis don't do that, and can be placed very close to a quiet source without bass boosting. When cranked up, they will tend to pick up *everything*, which can be good in a great room, or awful in an urban apartment.
OK- having defined some of the basic qualities of mics, this leads us to the next two questions you need to answer: First, do you intend to record the
acoustic guitar and vocal separately, or at the same time? Those are two different ball games. The second is- what kind of room do you intend to record in? A room with big curtains in a quiet suburban neighborhood, a bedroom in a college dorm, a concrete basement in downtown LA? These are different ball*parks*.
Next, mics have differing frequency response patterns. Some mics tend to boost high frequencies. They are often called "bright". Mics that boost low frequencies are called "dark". If the frequency response is pretty even, we call them "flat". Some mics produce subtle distortion, which is intended to cover up annoying detail, lip smacking, etc., like airbrushing a centerfold. While flattering to some vocalists, they can also conceal the delicate nuances of an acoustic instrument. This could be a good thing on a cheap acoustic, but not so good on a $5000 Martin. We call mics that produce more intentional distortion "colored" when we like it, and "muddy" when we don't. Mics that produce very little of this distortion are often called "transparent" or "clean". Whether we like mics that are bright or dark, colored or transparent, is often a matter of personal preference, either for voice or guitar. Mics are like shoes- they either fit, or they don't. No one can look at a picture of you and tell you what shoes will fit you.
It should also be noted that the same qualities apply to microphone preamps, whether standalone units, or those found in mixers, standalone recorders, PA's, or computer interfaces. Often, we like the sound of a certain mic, on a certain source, through a certain preamp. The bitch is- we don't all agree on what sounds good, which is why answering your question is so damned hard. All that we can really do is increase your knowledge base, so that you can make better decisions for yourself.
Now that I have defined some terms, we can really begin to look at the mics themselves. For instance, the mic recommended above is a CAD M179. It is a large diaphragm condenser mic with multiple polar patterns. It can be changed from a cardioid to an omni or figure 8 at the flick of a switch, making it rather versatile. I would call it bright and transparent, as they go.
Once you have digested the above, and answered the questions I have asked, a whole bunch of people will jump in and try to recommend some mics. When we have the answers to my questions, the answers will become more meaningful and useful. The answers are likely to fall into two general categories. The first group will try to give you what you asked for (one mic) and will generally recommend mics by Shure, B.L.U.E., AKG, Studio Projects, CAD, Rode, Oktava, Audio-Technica, Marshall Electronics (MXL), or others not as well known. The second group will advise you that the needs of vocals and
acoustic guitar are not the same, and will suggest buying two or three mics with different qualities on your budget. Neither group is wrong. They are simply different solutions to your stated task. It *will* get confusing, because we don't all agree. Hopefully some of this will help you to sort through the different opinions. I'll make my own recommendations, when I have the answers to my questions. Hang in there. It will all eventually make sense.-Richie