Is the Snowball microhpone by blue a good buy?

Im looking to record my band (one drum kit, bass, guitar and then over dub vocals) using logic audio pro. My first thought was that I should buy an interface like the m-box and mic my kit and plug guitars directly into it. However, this is really expensive and I need something a bit cheaper. A friend of mine suggested the Scnowball to record everything, but I don't know if it will pick everything up well. Basically what my question is is how does the sound quality of a kit miced with 7 mics compare to one miced with just the snowball?