It should get the job done. The plastic sheathing melts REALLY easy when soldering, and the 3rd wire is on the small side. You definitely get what you pay for. There is definitely better wire out there, but as long as you can make the connections, it should be ok.
I've used most brands of raw cable and Id say this is a great deal. When soldering I find the insulation material melts a bit more than I'd like but it isn't as bad of a problem as some of the other cheap cable. I will say that the gauge is definitely misleading. I think It would measure 16 gauge WITH the insulator. Copper conductor is more like 20/22awg. ........which is plenty for mic cable. Overall I find this flexible and durable enough for just about any application although if you plan on building a whole PA companys worth of cable you'll run out of storage quicker than you think. The cables bulk adds up pretty quick. One more note. You may find it difficult to fit into old school switchcraft connectors as this is a large diameter mic cable. All the better for strain relief though.
I created a couple of 200-foot mic cables for an audio project. It has a nice flexibility to it. It is supple, handles well, coils well, and best of all, the signal quality is superb. I was unable to hear the slightest hum, and my cable runs are near HVAC equipment.
I have to give this cable a rating of 10. It's excellent cable. There's one thing to be aware of though. It's extremely hard to pull over long distances. That may just be my inexperience at pulling cables through conduit so in all fairness, I can't dock points from the rating. I had to run 4 separate cables about 90-100 feet each. They were all in the same 3" conduit. This cable has a thick rubber jacket which does not slide well, especially when rubbing against other cables with the same rubber jacket. Over a long distance, the cable gets so heavy and there's so much friction with the other cables, it gets really hard to pull. I had to finally resort to soaping the cables down with dish detergent to get them to slide. With so much tugging and pulling, I was expecting problems when I actually tried to use them. However, they stood up to the abuse. They worked flawlessly.