First, I would say that Kenny has compared it to mics costing more. Only the CAD M179 is price-compareable. It's basically $180 with the really nice H100 shock mount, or $150 without the shock. I think comparing it to Oktava MC012 is spot on. I don't think it is bright at all, but it does have some color to it. Note that it is a *small diaphragm* condenser, with a 1/2" diaphragm. It's larger housing makes it look like a large diaphragm mic. As such, it only works for singers that can handle an SD mic. I agree that it shines on female voices, especially good ones. It responds very well to fast transients, and it will suck big time on a singer that sucks big time.
It is an outstanding percussion mic, especially toms and Djembe, and when padded, it's a pretty good close mic for a cab. It rocks on standup bass, and is very good on violin, viola, cello, fiddle, banjo, and sax. AKG engineers consider it the best AKG mic made on toms, better than a 414, which is a studio standard on toms. It can be OK on acoustic, but it is sometimes too colored and not detailed enough for really good acoustics. It smooths out the edges of a nasty cheap guitar quite well. A pair of them are stunning as rock overheads, like the Oktavas but more open. For $150 or so, they are a flat out winner. I've used them on harp, piano, almost everything, at one time or another. They aren't that clean, and they aren't that accurate. If you are looking for a real neutral mic, look elsewhere. But, they work for good singers, bad guitars, and almost anything that you smack.
How much you use it depends on what other mics you have. If you are poor, you can use it on practically anything. I'll admit, since I have acquired a fair number of mics, its uses are fewer. It still sees a lot of use for vocals, especially backing vox, and it remains my best mic on toms and djembe.-Richie