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Re: the sm7 vs the 414 -
These are both pretty different mics and you could like either one a little better for your application. The sm7 will do better in a less-than-ideal acoustic environment which you seem to have. The 414 may sound more "detailed" to you. However, I think that it may not be the best condenser for hip hop vocals in the price range although I don't really have a better suggestion in that area.
If you are considering purchasing the sm7, I would recommend keeping the 414 and purchasing the sm7 on trial. Listen to them side by side and sell or return the one you don't like.
If you don't really have experience with these two mics, it will be really hard for other people to describe it to you with words.
Good luck!
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