In my sound tech class we're testing different Mic's, we so far have used 4 different types of microphones, on three different instruments like; a piano, drum set and a guitar. So far i believe the SM58 is the best by far microphone, especially when your micing up close, although if your micing from afar, i'd use a shot gun, 
but it all depends on what your micing and if your recording or not.