If you are new to home recording, chances are, you are at a loss as to what product specs really mean. The thing is, home recording equipment - and that includes microphones - do not come cheap and you would want to be able to get the most bang out of your buck. Of course, there are comparison shopping sites out there; but what if you do not have an inkling as to what is being compared?
Frequency Response
You will need the microphone's frequency chart for this. The frequency graph would demonstrate you how a certain microphone performs at certain frequencies. The horizontal numbers are for the frequencies which are usually between the 20Hz and the 20 kHz range; The vertical figures are for the comparative responses in dB (decibels).
Why do you even need to know about how to read this chart? You see, it is useful in finding the most suitable microphone for a certain situation. For example, there are instruments such as the snare drum whose fundamental frequency is at the 150Hz to 250Hz. There are also microphones like the SM57, whose frequency chart shows that at precisely the same range, the response is flat. This means that at that particular frequency, the recording that you would hear would be exactly the same as what the microphone picked up. This means that the right choice in microphones can actually help you downplay other sounds while putting the spotlight on what is supposed to be the focus of the recording.
Impedance
This refers to the resistance of a device to alternating currents (AC). More power will pass through a speaker with low impedance compared to one with high impedance. More power flowing through would impose greater strain on your amp. If the impedance is low, the amplifier may not be able to handle it at all and you want to do not want that to happen. The good thing is that a lot of new electronic audio gear now have really high input impedances so they would be ok even with low power outputs.
Sensitivity
In a nutshell, this is the least amount of input signal that is required to get a device to the graded output level. A mic with high sensitivity would create more voltage and would therefore need less amplification. However, a lot of audio pros believe that while this is a practical concern, it is not really an indication of the quality of the microphone.
Sound Pressure Level Handling Capability
For recording - professional or otherwise, it is important to find out what the maximum SPL of the microphone is. It is important to find out what the SPL handling capability is because one needs to know the point at which there would be distortion.
These aren't the only microphone specifications; but this should get you started. Note that among all these, the frequency response is the most important, especially if you are after a recording that sounds truly professional. All in all, keep in mind that microphone specs can be just that - specs. They are a good guide for the newbie, but your own experiences is the key. If you have been in the business long enough, knowing your mic specs AND good old sonic experience can help you in getting the best gear.