Choosing the best saxophone microphone depends on a variety of factors. The most important is whether you will be using the mic mostly for live or studio applications. Certain types of microphones are more practical and durable for stage work but do not perform very well in the recording studio. Price and quality are obviously important considerations as well. Buying a saxophone microphone is a very subjective and personal decision based in large part on what sounds most pleasing to the musician's ear.
In a recording studio environment, engineers must concern themselves more with elimination of room ambience and "bleed" from other instruments picking up on the saxophone microphone. For this reason, omnidirectional and figure-of-eight mics are generally eschewed in favor of cardioid microphones. Since the saxophone so closely resembles the human voice in terms of range and tonal characteristics, most studio engineers agree that any good quality vocal microphone will also work well for recording sax. The choice of which mic sounds the best is most often a matter of personal preference.
Condenser mics are considerably more expensive than dynamic mics, but they deliver a more accurate reproduction of sound and greater flexibility. Most studio condensers have the ability to switch from cardioid to omni, or to combine patterns. If you are working in a home studio environment and cannot afford to invest in a high quality condenser mic, you can still coax a perfectly acceptable sound from a dynamic.
For live sound reinforcement, dynamic mics are nearly always the preference of gigging sax players. This is because dynamic mics have greater resistance against feedback, do not require phantom power, and are more rugged than condenser mics. A sax mic tends to take a lot of knocks onstage, so a rugged mic may be an important consideration.
Opinions are mixed about using clip-on mics. While some consider them practical, allowing more freedom of movement, many sax players express disappointment at the quality of sound a clip-on saxophone microphone delivers. Because saxophones produce sound from the keyholes and not just the bell, placing an external mic about a foot away from the horn better captures the true sound of the whole instrument. This another reason some musicians and engineers frown upon using clip-ons or sticking a mic inside the bell: Just like a vocalist, a saxophonist needs to be able to step back and work the microphone during loud passages and move in closer when playing at a quieter volume.