My first reaction to this microphone was astonishment at is its small size. It's larger than most lapel microphones, but that's because of the physical requirements for noise-cancellation. Still, it's very small, especially for a true "cardioid" (noise-cancelling) microphone.
The performance is superb! As Jim wrote, it is very sensitive. I tested it in a quiet room at distances up to 10 feet away. At about 3 feet, my voice was strong and clear. At 10 feet, it was obviously remote, but the sound was good and very clear, with no echo. Off-axis, the sensitivity drops rapidly. At about 70 degrees, the sound weakens noticeably, and beyond 90 degrees, it is almost inaudible.
M. L. Strickland is correct in warning that the microphone requires external power. The instructions on the box specify 1.5 - 10 volts. Writers who reported that the microphone was very weak were almost certainly using a recorder that does not provide the necessary excitation voltage. This energizer voltage draws negligible power from the recorder's batteries.
However, he is wrong when he writes, '... the noise "cancelation" is only provided by a directional shield. True cancellation is obtained by using a stereo mike with the two pickups wired to cancel noise that arrives at both equally.'
Noise-cancelling microphones have existed almost from the start, long before stereo ever existed. The close-up photo on this page clearly shows a slot ("port") in the side of the microphone's body. There is another on the other side. These ports channel sound to the back of the transducer (the sound-sensitive element) so that it is 180 degrees out of phase with the sound striking the front. These opposing signals cancel each other acoustically, but there is always some sound "leakage" through the case and because of imperfect cancellation, resulting in a weak output.
This microphone is intended for recording sounds at a distance, which is the purpose of all cardioid (unidirectional) microphones. Its output level is higher than on most microphones, so there is a possibility of distortion, especially if the sound source (such as the speaker) is too close. For a normal voice, I suggest it be held 8 to 12 inches from the speaker's mouth.
This microphone was bought to be used on an Olympus DS-330, a six-year-old monophonic digital voice recorder. The internal microphone is sensitive and effective, but because it is omni-directional, recordings in a noisy environment, or at a distance from the speaker, are unclear. The ME-52W mic worked equally well in the "Dictation" (low-sensitivity) and "Conference" (high-sensitivy) modes, but the "Dictation" mode is preferable. It's almost identical in sensitivity to the "Conference" mode, and omits residual background noise, such as radios and air conditioners.
With a rated frequency range of 100 - 15,000 Hz, and depending on your equipment, the ME-52W makes excellent voice recordings, and respectable, but not perfect, music recordings. It essentially eliminates echoes, and strongly reduces background sounds. If it's compatible with your equipment, it should be a winner.