Very hot output and low self-noise make this mic ideal for quiet sources like acoustic bass and nylon string guitar. The small footprint let's you get into tight spaces with it. But using it on louder sources may require external padding.
It's a very nice sounding mic without the overly-hyped upper mid-range that some people seem to like (or at least some mic manufacturers). There is a presence peak in the upper mid-range, just not as extreme as a lot of others. I would describe the high end as open-sounding, and the mid-range as neutral (in a good sense of the word).
Some people around hear have stated they dislike it on vocals, but I think it works pretty well on a variety of voice types, although I have a couple of other mics I usually try first.