Hooked it up and played around with everything for a few hours last night. It's crazy how sensitive that mic is. I could play my guitar with my amp off and the mic picked it up a few feet away and facing the other direction (it's a flat mic where one side really has the recording capability).

The headphones I got are way better than the laptop speakers :P But I didn't want the output getting picked up again by the mic, so it was good that I got them, plus these are great headphones. Crazy thing about the mic sensitivity... I could hear clear as day when I used the computer, like clicking the button or typing. First I thought that it was a mouse clicking sound effect in Logic Express, until I clicked around outside of that program.

I threw together a quick test song for your listening pleasure. I used a total of one chord! It's all based around an E or somewhere in the vicinity. Check it out here. It's great that my guitar and amp sound so good through all the equipment I bought! Couldn't be happier. Can't wait to record more!