Before I was using the Shure SM 57 LCE I was using an e609 which is an excellent dynamic mic too (I can't decide which I like better). After experimenting with different mic positions for an acoustic guitar, I found micing the SM57 close to the bridge and using a large diaphragm condenser by the 12th fret to be very clean sounding.
The SM57 LCE has has a great crisp, dynamic sound and the condenser mic fills the sound with warmth. As far as durability, I had no trouble with the SM57 LCE after having it for a year (Although, most dynamic mics are very durable). I also use this for micing the bottom of snares and I get the exact sound I want with this mic along with my preamp. If you buy this microphone, I highly doubt that you'll be dissatisfied. Great sound mic-ing guitar cabs, and excellent for live vocals. I have been using this mic none stop now for years! In the studio, it's not usually my first choice for vocals, but on some tunes, it actually sounds better than my $700 condensers. With all the hype in the music biz, it's nice to see something worthy of its reputation. The 57 LCE is the real deal and keep in mind that this isn’t the same as the regular Shure SM57 Mic, this is the LCE version there is a big difference in quality. You will be able to tell if you do a recording with them both then compare side by side. I choose the LCE version of the regular Shure 57 anyday as well. extremely versatile. It can be used live or in the studio. I have used it on vocals, guitar cabs, drums, horns, and acoustic guitar. Go for it, you wont be disappointed this things are on discount all the time online.
This is a dynamic studio microphone used by many of the greats. Go into any old studio and you'd probably find a couple of these lying around because they're legendary microphones. They're known throughout the hip-hop production and vocal world as amazing microphones, so I wasn't surprised when I first used it.
What I like most about it is the price. The price is amazing, and you simply CANNOT get a better microphone for one hundred dollars; it's simply impossible to. Also, the sound is quality, clear, and on point. Whether it's being used for singers, rappers, back-up, ad libs, books on tape...it's perfect. I'm not going to hail this as a Neumann, but it's still an amazing microphone. I had owned close to 5 mics up to the point at which I got the SM57, and I still love it the same. It's a great microphone, and like a MIDI Controller to a music producer, should be a staple of any studio.