Great for its purpose
This really should be a review for the LOW end Theory section.
This mic is spectacular for what it does. It holds up, takes a licking, and keeps working despite any abuse I can give it. In terms of sound, I have to say that its cousin the Beta 58 is superior, but that one requires phantom power which shouldn't be a problem, but it is not always available, and it is more expensive. Also, as much as I love the Beta 58, if I am in a situation where I think it may get dropped, or knocked over, I much prefer the SM58. It can be dented, wet, kicked, and still work; and more importantly, the sound it produces is preferable to my ears over many of the similar models.
The key to me is use for price, and in the value category, as a low budget musician, I was able to get this mic on sale for a great price, and it has served me very well. It is not the best mic out there, but in the $60-$90 range, I would be hard pressed to find better. This is a low end mic purchase that will last. I would not recommend using it when recording, or even when playing most of the time. But for garage band type practice, or the gig where there is the potential for the mic stand to be tipped, it definitely fits the bill.