Mannynyagain
Maybe my money would be better spent on a good compressor for vocals.

Best I've ever used on vocals: DBX 160A
 
Actually I use the older 160XT, but they're basically the same.
 
Good mics will help you more than anything, and good doesn't mean expensive or popular. My favorite mic on bass and baritone vocals is a cheap MXL-V63M. The most popular mic MXL made was probably the V67, and in my opinion it was a dog. I couldn't wait to sell mine. Just remember that 95% of what you read in forums is nonsense. Just try out some different equipment and make your own judgments.
 
Something else that's gotten a lot praise are ribbon mics. I gotta tell you, I'm not a fan of them in general. They're great for stage work, mic'ing a sound-stage at a play etc. because they have this great ability to still sound full and clear at a distance of several feet--something a condenser mic just can't do, but for up close recording like we mostly do with instruments and vocals, I'll take a condenser every time. This is my old RCA BK11 mic. Some say it was the best ribbon mic ever made. I sold it to some steel guitar player in Switzerland for over a thousand bucks. It was an okay mic, but outside of a stage, I had no use for it. I don't miss it at all. Expensive doesn't mean good. But you already knew that.
 

Wayfarer

Mannynyagain
Maybe my money would be better spent on a good compressor for vocals.

Best I've ever used on vocals: DBX 160A
 
Actually I use the older 160XT, but they're basically the same.
 
Good mics will help you more than anything, and good doesn't mean expensive or popular. My favorite mic on bass and baritone vocals is a cheap MXL-V63M. The most popular mic MXL made was probably the V67, and in my opinion it was a dog. I couldn't wait to sell mine. Just remember that 95% of what you read in forums is nonsense. Just try out some different equipment and make your own judgments.
 
Something else that's gotten a lot praise are ribbon mics. I gotta tell you, I'm not a fan of them in general. They're great for stage work, mic'ing a sound-stage at a play etc. because they have this great ability to still sound full and clear at a distance of several feet--something a condenser mic just can't do, but for up close recording like we mostly do with instruments and vocals, I'll take a condenser every time. This is my old RCA BK11 mic. Some say it was the best ribbon mic ever made. I sold it to some steel guitar player in Switzerland for over a thousand bucks. It was an okay mic, but outside of a stage, I had no use for it. I don't miss it at all. Expensive doesn't mean good. But you already knew that.
 

Yeah, I think my akg c3000 is okay for vocals and acoustic guitars. The DBX 160 is a bit pricey for me but the 166xs is doable. As with any reviews on a given piece of equipment I see good and not so good reviews. The 166xs has some presets for vocals that would probably help the inept musicians/home recording guy (and that sounds very attractive to me ).

I’ll know my budget once Christmas is past - gift cards, money coming in and money going out. Once the dust settles I’ll see what I have left!

Unfortunately, I think compressors are one of those "you get what you pay for" items. There aren't many in the sub $500 range that are worth dragging home. I also have one of those Behringer MDX2600 Composer Pro XL stereo units. It's along the same lines as the 166XS. Despite its rave reviews, it's fine for limiting, but it's compression just sounds lifeless, whereas a 160a will actually liven up vocals and acoustic guitars more often than not. Good luck with it though. I haven't actually heard the XS version of the 166. Maybe they've improved it.
 
I know some people use that AKG on acoustic, but I've never had much luck with getting a great sound out of an acoustic string instrument using a 1" condenser. 1/2" just seems to work so much better.
 
Bill

If you're looking at sub $500 compressors, I'd definitely take a look at the ART Pro VLA II. It does really well on vocals. Change out the stock 12AX7's for some vintage Mullards or RCA's, and it sounds even better.

Interesting.

Mannynyagain
...The DBX 160 is a bit pricey for me but the 166xs is doable. As with any reviews on a given piece of equipment I see good and not so good reviews. The 166xs has some presets for vocals that would probably help the inept musicians/home recording guy (and that sounds very attractive to me )...

 
I have a DBX 166XL. It's OK for electric guitar but I wouldn't recommend it for vocals.

With vintage Mullards and RCAs you won't be sub $500 anymore.
Just sayin'

Well I just happen to be in possession of half a dozen RCA long plates from the 60's. :)
But the compressor sounds pretty good stock too.

Check it out
RCA 7025
only $199.95 each.
Gawd dam bargain!

Wayfarer 
Something else that's gotten a lot praise are ribbon mics. I gotta tell you, I'm not a fan of them in general. They're great for stage work, mic'ing a sound-stage at a play etc. because they have this great ability to still sound full and clear at a distance of several feet--something a condenser mic just can't do, but for up close recording like we mostly do with instruments and vocals, I'll take a condenser every time. 

Ribbon mics are often used in situations where you're dealing with an instruments with harsh/abrasive upper mids.
If you have strident sounding horns, cymbals, guitar cab, etc... a ribbon mic can help smooth that out.
 
I had a Royer 121 for a while (used it on guitar cab).
I liked things about it, but I thought the mids sounded a little "plastic" for lack of a better word.
Much prefer the combination of a dynamic and condenser mic on guitar cab.
The Royer 121 has massive proximity effect.  
If used for close mic'ing, you'll definitely have to use a high-pass filter.