I took a gamble on this mic because I'm not using for drums... I use this for vocals while busking and it works well! Quite a full sound, though I haven't tested it too extensively.
I would wager this would be great on drums of course, but it seems to be very versatile. I'd say it would mic up a guitar amp nicely too!
If you're in need of a lightweight versatile little microphone on the cheap you can't really go wrong with this.