No really, it's a great idea, but a BAD mic.
I've been waiting for something like this to come out since the day we got Rock Band. When I saw it at Frys, I bought it immediately.

Talk about disappointment. Right out of the box I knew I was in for a let down.

There are MANY things wrong with this MIC, but as its primary function is a MICROPHONE, failing in this catagory is most damning. And boy does it fail. We're not *amazing* singers but we can easily get flawless on expert in a few of the songs we know well. But when we sing with this mic, the arrow never stops bouncing around. No amount of adjustment to the mic sensitivity or volume, or (even removing the bezel/foam) seems to make a difference. It is simply less accurate.

As for the mic physically, I'll be brief. It looks and feels much less "real" than the official Rockband Mic. The grill bezel is plastic, the d-pad is unresponsive, the buttons layout is uninspired -- Mad Catz made a Rock Band mic, why not remove the unnecessary buttons, add a proper R1 and make the D-pad actually usable -- the cord is too short, and overall it feels cheap, despite the "velvet" texture.

But again, all that is moot since the actual microphone lacks any accuracy whatsoever. A true shame, because otherwise it would almost be worth it. Do not buy.

The good:
Having buttons on the Mic, obviously.

The Bad:
Microphone sensor is absolutely unplayable
D-pad is frustrating at best, useless at worst
Button layout is uninspired
Cord is too short
Looks and feels more plastic than the official RockBand Mic

Not Bad
The M.I.C. is more of a novelty than a breakthrough; it is pretty much the same as any other USB corded microphone. The biggest benefit is if you are using the wireless controller in coordination with your microphone you don't kill your batteries using this one. I've also noticed that while using this product you have to yell *really* loud in order to activate your overdrive, although that's not necessarily bad since you're playing a loud game. Also the M.I.C. does not have any trigger buttons so you can't be heard when playing multiplayer online and I do not believe there is a headset plug either. I would not purchase this product again after using it when a cheaper microphone will do the same. If you have the extra money and want the convenience of just one controller then this is your item.

Great mic with authentic feel
I was hesitant to buy this at first for $60 but decided after all the good reviews I read on other site. At first it looks and feel like a high quality mic that will cost you over $100. I love the outer casing feel with its extra padded rubber. Comes very handy when knowing you don't have to consistently look for the darn controller. I have alot of fun with this mic because it made me feel like a rock star when I use it with my mic stand and fling it around. With the d-pad, I can't stroll through the list as fast, but it will take some time to get used to. The mic is very responsive for me. Overall a great product.

Low quality mic.
The controller functions are definitely cool although there are no bumper buttons or triggers. This means you can't view set lists from the venue screen.

But the actually quality of the mic is terrible. On my original rock band mic I have the sensitivity way down and it's able to pick up all ranges of my voice, including garbling. But with this new M.I.C mic the sensitivity is too low. I raise and raise it, higher and higher but there are still times when the mic just won'yt pick up my voice. This is especially noticable during the yellow overdrive swirlies...you say, "whooooo" but it doesn't pick it up. I'll be singing along and the pitch indicator on the screen will flicker on and off. And this is after adjusting the sensitivity.

Also of note is that the M.I.C. cable is only 9 feet. The standard rock band mic is 15 feet.

Thumbs down because the actual mic is low quality.