Since there is some interest in this, I thought I'd add a little detail to Consul's report.
We recorded a ribbon mic track and a condenser mic track at the same time though an Edirol UA-1000 into a PC, using the pre-amps in the Edirol. These are your standard "good enough if that's what you've got" pre-amps. Not much gain, a noticeable amount of noise at high gain, but not really bad-sounding. The noise was noticeable, but not in the way on the ribbon mic guitar tracks, and not significant on the fairly loud vocal tracks. I don't know how it would be with a different pre-amp.
The Nady mic was a TCM-1050 that Mark had modified for me with a different circuit and components, higher-than-average tube current, Lundahl transformer, and a 6N1P tube, I think. I think it sounds really good: flattering to voice and guitar and drums, without the usual Chinese-mic high-frequency buzz.
On Darren's voice, recorded at a distance of about three feet, the ribbon mic smoothed out his voice nicely, compared to the condenser. It still had plently of high end for intelligibility, which was remarkable compared to an Octava ML-52 that Mark and I had used before. The Oktava really never sounded good at all, even after Mark tried to soup it up considerably. Mark's ribbon doesn't sound like a condenser (which is good), but it has very good high end, and no noticeable frequency anomalies.
I thought (and I think Mark and Darren did, too) that the mic really shined on distant mic'ing of acoustic guitar. With the microphone about three feet away, it gave a really even and nice sound to the guitar. I like the sound of the Nady on guitar (though I can view both of these mics objectively, I'm not rooting for one or the other), but it didn't sound as good in some ways as the ribbon mic. For solo guitar, the more aggresive sound of the condenser wouldn't be as appropriate, in my opinion.
Of course, it always depends on the mix, and the application, and the desired results, but the this ribbon mic does sound generally very good.
Now I wish I had just written that last paragraph to be concise, but I enjoy a healthy new-mic detail frenzy as much as the next guy. Hope that helps.