Also called moving-coil mics, dynamics are the rugged workhorses of the studio world. Sound energy causes a diaphragm to move a coil within a magnetic field to create a signal. The mass of that coil imparts characteristics to the sound of the microphone and creates some natural limitations to the quality of sound captured. Ultimately those limitations give a mic its personality and create uses based on a colored sound. Not considered by many as the best, the Shure SM57 is ubiquitous in studios for guitar amps and drums. The Electrovoice RE20, Sennheiser's MD421 and the AKG D112 are other highly regarded dynamic microphones.
Ribbon microphones use a variation of the dynamic mic principle. The diaphragm is replaced by a thin metal ribbon. Classic broadcast and recording mics, such as the RCA R44, are responsible for the distinctive smooth sound of artists like Frank Sinatra and Nat King Cole. Falling out of favor due to fragility and the rise of the large diaphragm condenser, ribbons are undergoing a re-emergence. AEA created the R84 as a modern version of the R44, and other excellent ribbon mics are the Royer R121 and Beyerdynamic's M160.
Condenser microphones use a capacitance principle to capture sound. A small capsule has some advantages, primarily in off-axis response. Pick-up from the side of a microphone tends to have a different frequency response than from the front. This isn't the case with small cap condensers, making them popular for stereo mic techniques where a wide field is being recorded, such as a choir or an orchestra, anywhere where the acoustic space of a performance is captured. Neumann's KM84 is the classic, ground-breaking small cap condenser, since replaced by the KM184.
If there is a Swiss-army knife studio microphone, it is the large capsule condenser, and the microphone that defines the best-of-the-best is the Neumann U-87. Its fidelity, low-noise and frequency response defines the role of the large cap mic, and its body shape and qualities are often imitated by other manufacturers. Other well-regarded large cap mics include Neumann's U-47 and AKG's C414.