Decent mic output transformers start at around $120 generally, and go way up, unless the mic intentionally is going for a very "coloured" sound. There's no such thing as the ideal transformer, but the cheap Chinese ones are usually nowhere close.
The biggest effects the transformer will have are:
- Impedance; this may or may not (usually not) have some effect on the high-end response of the mic, depending on the input impedance of your preamp. This is determined by the windings ratio.
- Phase response. Cheap transformers do horribly here. Often the bass frequencies will be + or - 90 degrees to the rest of the spectrum... which is itself full of ups-and-downs everywhere. More expensive transformers usually do a lot better.
- Frequency response, though most are "reasonably" flat at least to 20Khz.
- Transient response
- Distortion. This can take many forms. Often excessive sibilance in a mic will be worsened by a cheap transformer that distorts on high-end transients (esses, etc). Some more linear distortions can be a pleasing colour to the sound; this depends a lot on the materials the transformer is made out of as well as the circuit design of the mic (if somehow there is any DC at all reaching the transformer, the distortion will usually increase a lot).
Generally, the biggest concerns for a mic's sound are:
1) Capsule
2) Grille design
3) Transformer or lack of it
4) Circuit design
5) Body design
In that order.