Ribbon mics are a form of dynamic mic that uses a thin mettalic ribbon to generate the signal, instead of a diaphragm. Many vintage models, popular in radio and recording from the 30's to the present, are highly prized cellectables, and some are way expensive. There are some that are hand held, some smaller ones used for instruments, and some big whopping specimens that are prized by crooners and "pretty" singers, and for broadcast/voiceovers.
They tend to be a bit fragile, and usually aren't the first choice for live performances, except on a sound stage. They produce relatively low output, and therefore benefit from a real good preamp with low noise. Although most (not all) of the newer models are built to survive it, be advised that phantom power can fry many ribbon mics. Blasts of air can also harm them. Don't blow into one.
It's hard to describe what a ribbon mic does to sound, because there are so many models, like diaphragm mics, that have different sounds. The few I have been lucky enough to use made me sound intimate and big, without the rough "in your face" kind of sound. It's great for somebody that just has one of those voices that makes you want to cry. Not an Elton John mic, a Sheena Easton mic.-
Lastly, the only real affordable modern vocal ribbon I've heard is
Oktava ML52, and the one I auditioned did not impress me.-Richie