I don't have this mic, but I have had good luck with other M-Audio equipment; they make pretty nice budget large-can capacitor microphones, which is the technology inside this thing. I have a couple Novas in my studio; they're the higher-budget version of this mic, see regular use, and are my go-to microphone for mandolin.
But don't expect mics of this type to act like dynamic microphones, or small condenser mics. They just don't. They've generally got a flatter response curve, are more sensitive, are much more directional, and are easier to damage as a technology. Back off them a little bit on vocals, don't blow into them for any reason whatsoever, and consider making a pop filter. (They're easy. Coathanger in a loop in a layer of nylon hosery. Or if you want to get more complicated, I put up a tutorial.)
For instrument recording, it'll depend on the instrument, but don't set it across from you on a table; unless you're talking drums or something amped - say, acoustic guitar - you'll want to be pretty close, like a stretched-out hand's width away.
As mentioned above, these kinds of mics are pretty directional, so aim the thing at the sound. The pickup point is the front of the grill, on the side with the little circle-like "cartioid" symbol. The opposite (back) side is highly insensitive, so you won't get much signal if you've got it set up backwards. Similarly, do not sing into the top end of the mic. This is wrong. It doesn't pick up there, despite what the set dressers on Castle apparently thought last year when they had people singing into the top. This is correct.
I suspect a lot of the "low volume!" complaints on Amazon are from people singing into the wrong part of the microphone.
Multiple sources note that if you don't want to use the included software (and, really, who would?) you can use GarageBand; the maker's website says it's compatible with OS X CoreAudio, so anything that talks CoreAudio - which is to say, on Macs, anything - should work with the microphone.
Anyway, there, have a data dump on large-can condenser microphones. Good luck! ^_^