Ah yes, the venerable and ubiquitous Shure SM57. These are veterans of the stage and studio and have always, it seems to me, been a mic you could get for just around a hundred bucks. But these days everyone will say that recording is all about condenser mics, not dynamic mics (the SM57 is a dynamic mic). Well, that isn't really true. Dynamic mics have their place. But still, some folks will turn their noses up when the SM57 comes into the conversation.
However, there are still really good reasons for having one or two of these at your disposal. Here is an article that spells out three of those reasons: