You can leverage apps like Skype to turn your iPad into a high end speakerphone for video calls or record audio for integration with iMovie or other apps.
Of course, because it's USB based, you can also use it with a Mac or PC, and your recording will be strictly digital. The Tempo has a built in headphone jack so you can plug in to the microphone instead of the iPad, which can be further away, thanks to the USB cable.
MXL Microphones (www.mxlmics.com) offers a wide selection of XLR, Web Conferencing (AC-400 and 40EXT), and USB microphones. MXL Microphones has mic products that are geared towards providing high quality audio reproduction and voice capture for the consumer, business, A/V, and broadcast markets, to name a few.
The microphone is great for dictation or legal depositions and is available in two different colors (silver and black or red and black.) I hope to post an in-depth hands-on review, soon.