This is a Dynamic style Vocal mic.  It can be used to mic instruments too, but it is definitely a Vocal mic.  You can use this in just about every environment.  It works great on stage to help me cut through the rest of the band and be heard when I am singing.


OVERALL OPINION

What I like most about it is its very feedback resistant.  You can put the levels up pretty high and be heard over loud music without any ear popping squelch.  The only thing I don't like about any shure mic I own is the lousy bag they send it in.  Its not actually a bad bag on its own, but it doesn't offer any real protection.  I have owned much cheaper samson mics and others that came with a nice protective case.  Besides that, the Mic itself is a gem. 
I paid $150 for it.  Thats a decent amount of money but its worth it when you want intelligible lyrics. 
Very good quality of sound.  No problem using in the studio.
I had used a lot of sm 58's as well as a few audix mics of similar quality.  The reason I went with Shure instead of Audix was Shure's awesome return policy.  Even when way past warranty, you just send in your mic in most any condition with about a third of the money its costs brand new, and they will send you a brand spanking new one. 
Very cool.
Yes I would definitely buy this mic again.  In fact, the next band I play in that has two vocalists, I will recommend they buy one too.