Does a studio really matter for vocals?

that's what I'm trying to say though, if you want a decent sounding production you're going to need more than an iso box for vocals, vocals aren't the only thing that goes into a song. You don't need to go to a studio, but you need to make your room work the best for you, that's what I'm trying to get across.
 
Microphone choice aside, it should depend on which environment you feel more comfortable in!

A shittly recorded take of an awesome peformance is ALWAYS preferable to a polished recording of a mediocre peformance.
 
Reading some weird views on the SM7b... Not sure if anyone will be too interested but this is how I go about using mine:

- Remove the wind shield (foam thing)
- Engage high-pass filter and presence bump
- Place on a mic stand at the height of the singer's mouth
- Place a pop shield 2 inches in front of the mic
- Angle the mic to just below the singer's bottom lip

That's usually my starting point for clean vocals (screams - hold mic/pop shield, crank monitors). I let the singer get as close to the pop shield as they like really. I have no problems whatsoever with sibilance or plosives. The only EQ I use in the mix is a 3k bump... 2dB at the most - I find it to be perfectly balanced unless the singer has a weird honky quality to their voice.