I haven’t used that exact model, but I have experience with other Azden mics that are similar to that one.
Short answer: Yes, the reviews are correct. It’s not a great mic. Imagine taking a consumer DV camcoer and holding it up about 1 foot away from someone who’s talking. That’s pretty much the same kind of audio you should expect.
I mean, it’s not unusable, but it’s not what I’d call great audio. I have an old one and I use it in extreme situations. For example, I might have a wedding where I have my 3 good wireless systems on the groom, the priest, and a scripture reader. In a church, that’s fine. I pick up the organ on all my mics just fine. But let’s say I’m outdoors and there’s a small string quartet way off to the back of the field. In that case I’ll throw my little Azden over there and I get the intro and exit music from it. In that case it’s supposed to sound “outdoors-ey” and the audio is far better than using a camera mic. It’s not ideal, but I just don’t have the money to keep a 4th $700 wireless system around when I know I won’t be using it very often. In those situations it’s nice to have a cheap alternative to help me get everything.
So, if you’re getting it for a rarely-used backup, it might be ok. Just be very aware that it won’t be the same as the system it replaces assuming you have a decent mic setup to begin with. I use mine as a 4th-string backup, which is what I consider it to be “ok” for.