Ribbon or Condensor

What are you recording? 
 
An electric guitar?  Ribbon.  My sub-$100 MXL does a fantastic job of that, but it is about the only thing I use it on.  And it takes a lot of gain, which makes me no nevermind since I use stand-alone preamps.  But I don't know how it would fare using built-in preamps.
 
Vocals - a large condenser is most often used.  It might not be as smooth as a ribbon on guitar, but it will work.  As well as just about everything.  Higher end dynamics also work on just about everything, but you'll be spending $300+ for the classic ones.
 
Acoustic instruments - a pair of small diameter condensers are usually the best solution.  Or one if you can only afford that. 
 
Unless you are mostly recording electric guitar or acoustic guitar, a large condenser is your best bet.  Or a higher-end dynamic.  Get the most expensive you can afford and see how it works on the instruments you are recording.  Any of them should work, but one type and make usually float your personal boat if you are doing personal work in a project studio.
 
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Get a condenser although it may be 48 Volts input. Otherwise, I sure there are many dynamic mics or condensers mics that foot the bill so to say. Ribbons like he said, take more gain, usually are fuzzy, and may break down at the slightest fault, but nowadays they may make them better.
 
A mic is usually nothing to drop onto a hard floor, or even drop.
 

Condenser for a desert island mic! Only thing most nice (or at least reasonable) LDCs might not work on is guitar cabs. Just make sure you don't get carried away with the all brightness!
 
Ribbon mics are usually very cool on guitar cabs and as 'specialty' sounds on other instruments but not really versatile IME. Granted, I have not used high-end ribbons such as AEA and others. 
 
A lot of respectable people often quote the classic Shure dynamics as good allround mics, but I just don't get it. The SM7 is the best one to me but only because it has a switch for attenuating the shouty high mids. I much prefer more open and brighter dynamics such as the Telefunken M80 or the classic Beyer M88. These can be used on most any source from kick drum to acoustic guitar and have the added benefit of rejecting room reflections!
 
Sven
 
 

With that in mind (given that I won't be able to get a super high-end ribbon), and being aware of how many risks come with ribbon mics... I think I'm set on making the next purchase a condenser microphone.
 
Now it's between the condenser mic or the midi controller... XD

To rephrase Sven's question,  which carries more weight?
I use my mics to record my acoustic guitar and recently, my voice (although I have yet to actually expose anybody to that).
I use my controllers to play the hundreds of instruments available to me via VST's.
When you get your mic ( I didn't say if because you are on a mission. It's going to happen), get a boom stand. I have two of them, and they are indispensable for positioning the mics.

I absolutely hear you guys on that! Im in the process of videotaping greetings for an overseas weeding at my church's newly built studio... W haven't set up any of the gear, so I just used my own interface and cables. I got to, however, use the AT4050 and a REALLY nice boom stand- when dealing with individuals all the way to families of 8, the boom stand is incredibly versatile and I think I'd be a fool NOT to get one (my brother sorta broke my current mic stand anyway XD)! Sadly I didn't mess much with the 4050's polar patterns, I'm sure it can make getting some groups a bit easier.
 
off-topic: I tried using the mics our guys bought with my AudioBox and the 4050, and I got some DISGUSTING noise. Switched to some HOSA 20-footers and had no problems. Maybe a little whine, but far better signal than the cables that were present in the studio. any idea why this occurred? (I think his were "Your Cable Store" brand or something)