I'm not so sure it's that great a value for the money. It's a little too clean for use as a vocal mic, such that I've never preferred it over another. It's decent on guitars, I guess, and I got a good power metal guitar lead out of it. A pair of them made some very good drum overheads too...
Try out the mic first. Being just a student of music, I'm sure that there must be some situations and sources where the KSM27 does quite well, but I just haven't had time to come across it. But, if you really want some alternatives to check out, how about the NT1000 and
the CAD M179? Generally tending towards the not-so-hyped sound the ksm27 seems to strive for, and more appropriate for every situation I've come across...
And if you're really looking at that price range, even though it's not really related, how about the Shure SM7? Why isn't this a more popular mic? I've been getting some absolutely fabulous vocals out of it, especially jazz singers. Well, it's not that good through my Behringer, but putting it through my friend's octapre got a good sound, while a grace 101 made that thing RIP. Absolutely killer...