decent microphone, low price
It doesn't actually cancel out much noise but it is decent on pick up. With a little sound editing you can cut out the background noise and make it work.

Olympus ME-52
This was a good microphone for the money; however it was a little large for my taste. I was looking for something that was a little more discrete.

Fast delivery, great service
The delivery was quick and the service great. The product itself was brand new so there was no quality issue. The problem was my failure to do proper research. The microphone records in mono only, (not stereo).

In addition, the quality was no better than using the DVR without the microphone. Maybe if I was farther away or in a bigger room it may be of some benefit. In any case, the money wasted was my fault alone and not that of the vendor.

So far, so good
I use this mic in conjunction with an iTalk on my iPod. I have only used it 3-4 times, but it makes a huge difference when I compare it to iTalk's mic. I'm not sure if it's bad technology in the iTalk, or good tech. with the mic.

Does just what you want
For a cheapo microphone, I was pleasantly surpised with how well this worked at picking up speakers who were a distance away. You may have to adjust the sensitivity of the recorder, because the sensitivity of this mic is significantly higher than the built-in stereo mic, and recording to 'hot' will result in garbled, distorted sound.

The Olympus recorders seem to select sensitivity with labels like 'dictate' and 'conference', where 'conference' would normally be used in a distant recording situation but if the record bar hits the right side of the screen you want to set it to the lower sensitivity mode 'dictate'. In any case, with this (mono) mic you should change your recording mode to Mono so you can get double the record time.