The Shure SM57 is really everything except a one-trick pony. If there would be only one mic available to record an entire band or orchestra, this would be the one.
In live performance settings I use this mic mainly for the snare drum, guitar amps, acoustic guitar and vocals. The main benefit of this dynamic mic is that it delivers a very concentrated sound of the desired source without picking up too many other sounds. Especially for the snare and acoustic instruments this is a great feature. For guitar amps I point it closely to the side of the speaker and it delivers a pure, bright sound. Compared to the Sennheiser e609 it's a bit sharper, which makes the SM57 the better choice for a distorted, hi-gain guitar sound.
Vocals are a bit tricky with this mic, but really worth to try. In my opinion it sounds better than the SM58, which is almost identical but with a popfilter. This is also the tricky part, because without the popfilter you have to watch your plosives. But if you learn to deal with that, you'll get a clear, bright sound out of it.
Another great feature is the rugged housing of the mic. It just won't break.
Beside live usage, this is my go-to studio mic. Most of my guitar tracks (electric and acoustic), snares, toms, vocals and sometimes even bass amps are recorded with this mic. Next to these fairly obvious applications, I use it for anything I can't find another right mic for. Hand claps and anything percussive really (floorboards, boxes, windows, pans) and also any acoustic instrument (mandolin, violin, cello).
And I'm always finding new ways to use it. It's simply amazing.
