Condenser vs Dynamic Microphones

When setting up a recording studio, one of the biggest decisions is what mic to get but before you make that decision you need to decide whether you need a condenser or dynamic mic.  

Condenser

A condenser mic is designed to be very sensitive and depending on it's purpose that could be a good thing or a bad thing.  If you're a voice over artist or musician, recording in a treated room this will be great at capturing every little nuance.... And that includes mouth clicks.
But if your interviewing a guest in your dinning room for a podcast it will more than likely pick up a lot more than you had intended.  Such as the audio reflections off hard surfaces,  pen clicking, note taking, chair movement etc.
Condenser mics require phantom power (+48v) to operate.  This basically means it needs power from an external source such as an audio interface to operate the mic.  Generally there is no on or off button.

Dynamic

Dynamic mics are capable of handling louder audio sources which is why they are often seen on stage.  They often also have a smaller pickup area which means the sound source needs to be closer to the mic.  An advantage of this could be that it may pick up less computer hum, chair squeaks, paper rustling etc.  It'll generally pick up less of the echo sound of an untreated room because it's not really capturing the reflected sound.
Dynamic mics are less sensitive and may not represent the tone of a voice over or intimate guitar recording as well as a condenser mic.

Other Things to Consider

A high end condenser mic will almost always set you back more than a high end dynamic mic but dynamic mics are a bit more durable.  You should always handle a mic very carefully because they don't like being dropped but the dynamic mic is a bit more shock proof.
A great tool that I often use is the Rode Sound Booth.  This gives you the ability to listen to the same audio recorded with a variety of different microphones.

So Which Mic should I Get?

This totally up to your personal preference.  If you're someone who has a mobile setup with multiple mics that is constantly packing and unpacking, a dynamic might be a good option.  You'll get more mics for your money, you know you'll get a reasonable recording from the mic even if the room isn't perfect and it'll handle the odd bump here and there.
On the other hand if you're someone who is always recording from the same treated room with the mic mounted on a stand and the best audio quality possible is important to you, maybe a condenser is the way to go.  
Personally I have a Rode NT1-A (condenser) for my voice overs permanently setup in my studio. When I'm recoding podcasts I like having the ability to record from anywhere with multiple guests.  I have have four Rode Podmics, these plug into a Rodecaster Pro which records to an SD card.

Thinking of starting your own podcast but don't know where to start?  Visit www.voicemedia.com.au.