Dynamics and condensers are the yin and yang of microphones. Dynamics usually have lower output, and require more gain to reach the appropriate level for recording, which makes demands on the preamplifier, whether it's in a computer interface, a mixer, a digital recorder, or as a standalone unit. Condensers tend to reveal more detail, especially in higher frequency ranges, and this can be a good thing or a bad thing. Sometimes detail just reveals the blemishes on the model, where a little airbrushing would have gone a long way.
When selecting mics for any given application, there are several factors that should be taken into account. First is cost. The best dynamics, excluding ribbons, which can be very pricey at the high end, cost a lot less than the best condensers, which cost thousands. Often, it's better to own a world class dynamic, such as Shure SM7b, Electrovoice RE20, or Sennheiser MD441, than a mid-priced condenser in the same price range. SM7's and RE20's are found in every studio and radio station that counts for diddly, and they cost a few hundred, rather than a few thousand, dollars. Second, these are different tools that you need to learn how to use, like a hacksaw and a screwdriver. One really cannot replace the other. Third, the current crop of relatively cheap condensers are a hell of a lot better than what you could get for cheap a few years ago. Often, when one doesn't work, the other one does. You won't generally find a studio that only uses condensers, or only uses dynamics. You really need to learn to use both. Last, 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, and no one can listen to a clip of some guy, and tell you what mic will work for you. It also has to be the right mic (not the most expensive mic) for the job. A great pair of toe shoes still sucks for playing ice hockey. And to make it more difficult, we don't all agree on what sounds good. Ask ten audio engineers, and you'll get twelve answers.
Now some more practical guidelines in the way of advice: First, you have to look at your budget. Damned few beginners are going to go out and buy a Neumann U67, or a Manley Gold Reference mic as their first purchase. If you can afford to do that, I salute you, you rich SOB. Assuming Bill Gates isn't your daddy, you need a plan B. Most people will recommend a cheap dynamic to start, like a Shure SM57 or SM58. I don't, necessarily, because if that's where your budget is, you probably don't have the kickass preamp it needs to get all that gain. That depends on the source. If you are a Placido Domingo or Linda Rondstadt, and you can blow out windows with your voice, you won't have to turn up the preamp very far to get the level you need. When you turn up cheap preamps very high, most of them make more noise than you want, which you will hear as hiss. If you have a quiet and more delicate voice and a cheap preamp, a condenser may work better for you because of its higher output. Then, that detail thing comes in. If you *are* Placido Domingo or Freddy Mercury, detail won't be a problem, because yours is all good. If you sound like Bob Dylan or Gwen Stefani, detail may only reveal the fact that you aren't the greatest singer that ever came down the pike. Also, some very good singers just have a rougher sound, like say, Roger Daltrey, and will do well with a dynamic. Note that Michael Jackson recorded "Thriller" with a Shure SM7, a dynamic. Also note that he could afford any damned preamp he wanted, and I'm betting his cost thousands. The detail thing will also bring out room reflections, good and bad. If you have a great sounding room, a condenser will tend to reveal that. If the room sucks, you'll hear that too.
So- in the end, you have to measure the pluses and minuses of both types of mics. In other words- how good are you? How loud are you? How loud is the song?, How good is your room? How good is your preamp? If you have a very low budget, I'd start with a condenser, because it will get along better with your cheap preamp, unless you are a belter, a screamer, or just loud, in which case a dynamic will be fine to start. As soon as possible, get the other type of mic, because you *will* wind up using both in different situations. As soon as you can afford it, upgrade the dynamic to one of the three I mentioned above. Note that you may need to add an outboard preamp to your rig to get more gain to really get what the mic has to offer. The only pretty cheap one I know that doesn't make a lot of noise when cranked is M-Audio DMP3. For starter dynamics, I like the discontinued AKG D770 or Sennheiser e835. Most folks will say Shure SM57 or SM58. That's just me. The SM57 is a shoe that doesn't fit- me. It does, however, work for lots of other people. For the dynamic upgrade, I like Shure SM7b, but RE20 is also just fine. Both want a ton of gain from the preamp. For a cheap condenser, I like Marshall Electronics MXL V67G. For a mid-priced condenser upgrade, I like B.L.U.E. Baby Bottle, Rode NTK, and Audio Technica AT4040. When you get to the point where you want to buy mics more expensive than those, you'll have a better idea what you are looking for, and will have new and better questions. Hope that helps. Best of luck.
