I am aiming for a lowcost setup, and since I am located in Canada everything is 2x the amount you americans pay for it, even though the exchange rate is only like 1.22 right now. So the mainstream shure lineup is out of reach for me since I am aiming for
1x bass drum
1x snare drum
2x overhead mics
and maybe tom mics (depending on the total cost)
so these are the alternatives I have in my price range
Personnally, I'd try to wait a little longer and save some more money to get good mics. They are one of the most important part of the recording chain. The 57 is a true worhorse and you'll be able to use it in many situations.
Spyder,
Also from Canada, have heard great things about Apex in relation to value. Have you checked out the drum mic kit available from Long and McQuade stores? Not sure if it is Apex. It costs $230, and includes four mics for close miking. I have been told that each one is just as good as an SM57. I would assume it is for snare, bass drum, floor tom and mounted tom. Seems like a great deal. I am looking at going with just two overheads, large diaphragm condenser mics. Charlie Watts uses this setup, but I don;'t know what other mics he may have there.
Many jazz recordings are done with three mics. A pair of overhead and a mic in the bass drum. Some of my favorite recordings were done in the 50's with juste one mic per instrument.