Shure SM58 by John Eppstein
This is the industry standard mic for stage vocal use. It's not the best sounding stage vocal mic but it's not bad, it's quite rugged, and it's affordably priced. It's ubiquitous and has been for a long time.
Internally this is the same mic as the SM57, with the addition of the ball filter.
Moving coil dynamic. Cardioid pattern. Rugged ball pop filter. No switches.
Not my favorite live vocal mic but I'll use it, unlike the "improved" Beta 58, which I avoid like the very plague.
Did I mention this mic is rugged? It's no "Buchanan Hammer" - it IS possible to break it if you slam it around hard enough - but it takes some doing. Replacement parts are readily available. This ruggedness has caused it to become an industry standard for general live performance. Better sounding alternatives tend to be less robust and are nearly always significantly more expensive.
And, yes, there have been major records released that used 58s on the vocals - usually live or low budget productions, but if the performance is there this mic won't get in the way.
EDIT: This is directed to the "Shure lovers" who run the ratings of these mics up far higher than they realistically deserve:
Do you really judge the quality of a mic by how many times a drunk can bounce it off the floor of a bar?
I judge it by how it SOUNDS. If it doesn't sound good it doesn't matter how rugged it is.
Shure 58s (and 57s) sound OK, but they're certainly not "great". Beyer M88s and M69s are GREAT. Even Electro-Voice N/D 767s sound better than 58s and they're about the same price now. Audix makes some very good sounding dynamic mics.
Sure, I use Shures. They're the lowest common denominator of professional microphones. But if I need a GREAT mic I look elsewhere.
Part of this is because Shure's unit to unit consistency isn't that great. You can't tell by ear, but if you actually run a bunch of 58s (or 57s) on a pen graph analyzer you'll find raggedness in the presence region of the mic that is inconsistent from unit to unit. These are small variations, but on a stage with multiple open microphones they add up in a way that has a detrimental effect on gain before feedback. I say this based on research we did when I was working for Bill Graham's sound company, FM Productions, back in the late '70s when Shure still manufactured their dynamic microphones in the USA. I can pretty much guarantee their quality has not been improved by moving manufacturing out of the country.
Understand that I'm not knocking the mic - it fits its niche in pro audio very well as the intersection of acceptable sound quality, ruggedness, and price - but to give it a perfect score when there are so many better sounding microphones available (some in the same price range) is absurd.
ADDITIONAL EDIT: This is in response to comments and incorrect info posted in the review by mlikiss below - the Beta 58 DOES NOT require phantom power. It is a moving coil dynamic just like the SM58, with the exception of a hypercardioid pattern and neodymium magnet.
I also (after considerable experience with both models) disagree with the assertion that the Beta 58 sounds better (see my review of the Beta). If fact I dislike the Beta so much that the only way I'll use one is if there is no other professional quality mic available. They have all the flaws of the SM58 with the addition of a strident harshness that I find really annoying. I'll take the SM over the Beta any day.