The Beyer Dynamic M88 microphone is a dynamic mic that has a hypercardiod polar pattern. I have only used this mic in the recording studio but it would probably work well in a live setting as well. It is built well and is sturdy which leads me to believe it would work well outside of the studio as well, but I have never brought it outside my studio so I cannot say for sure. This is a great mic for kick drum and guitars, and bass guitars as it can withstand loud signals.
I've been using the Beyer Dynamic M88 for about four years and I have found that it is a great mic in a number of different situations. The natural inclination with this mic is to use it with loud signals like a kick drum or an electric guitar, and while it works great on these instruments, it has capabilities beyond this. I have found that it is also a great microphone for percussion of all kinds and is great for some types of singers - namely those who sing or scream a bit louder than the rest of us. Beyer Dynamic has a good reputation for making high quality microphones, and this is just one of many great mics made by this company. I think of this as a much fatter Shure SM57 that can be used for a wider of situations. While the SM57 has the price advantage by a lot, the M88 is more versatile and it probably better sounding overall. Since it is a high quality dynamic microphone, the price is pretty reasonable, and if you can get one used you can save a good amount of money on these. I love using the M88, and would recommend it for those looking for a great all around, all purpose dynamic microphone.