Sound Good - depends on your definition of "good". It's VERY subjective.
I think good is 10Hz to about 6 or 7 kHz frequency response (for hi fi Amateur) with very low distortion and SOME, but not too much, compression/limiting/processing.
If the transmitter will modulate a 400Hz triangle wave CLEANLY, and also do a square wave of the same frequency, it's probably technically pretty good ! This is my ultimate transmitter test. Every rig I own has to pass this test, along with the requsite frequency response test. And, it has to modulate at least 150% in the positive direction. But, again, this is one person's way of doing things.
Mics? Large diaphram condenser mics rule the day (at least in my shack!). A Behringer B1 is cheap and sounds AWESOME, and is directional - reduces any noise "behind" the mic. Next would be a small-diaphram condenser mic. Then the RE-20 broadcast dynamic. The difference between the RE-20 and the Behringer is quite dramatic when heard over a very good transmitter and a good quality Modulation Monitor / headphone setup. The RE-20 is GOOD, the Behringer is EXCELLENT. The difference is the flatness of the frequency response, and the extended low end of the condenser.
More food for thought, I guess :-). But, honestly, I would not bother with a cheapo dynamic. Get a cheapo condenser. Radio Shack sells (or I think they still sell) a condenser element for a few dollars, and it is QUITE good. Used one for about 30 years until I finally bought the Behringer. Most people cannot tell the difference between the 2 mics on the air. Even in the headphones, they are close. The condenser elements must be protected with a good pop filter !!!
Fun stuff
Steve