The Beyer M201 is considered the fancyman's SM57. And for good reason - flatter response, extremely high SPL output, hypercardiod pattern. It's a no brainer on snare drums, sounds great. You can get further back for a more natural tone and the rejection is comparable to cardioid mics.
It sounds good on most things, to be honest, but there are pros and cons - especially if this is your first hypercardioid microphone. It can sound great on vocals or acoustic guitar, but they have to keep still or there needs to be some extra distance. If you have a female vocalist, give it a shot, but if she's a dancer forget about it.
The small diapraghm also means it's very prone to plosives and the proximity effect can be quite severe. Pop shields are your friend!
It's also not a mic to be used around careless drummers. I've more than 1 friend who put one too close to a snare and had a drummer cave the capsule in with a single hit., so be careful.
Overall a great mic, that will serve you well if give the treatment it deserves.