Chessparov is the expert on these mics. I bought one on ebay a couple of weeks ago and it sounds good. I have the 545D with standard XLR connection. Here are some quotes from PMs Chris sent me advising me on the mic:
"The 545's were first popular with West Coast (USA)
studios like Capitol on records by The Beach Boys,
Sinatra, and the like in the 60's."
"If you ever read the Walter Sear interview in Tape Op magazine, he rates the SM57 as "excellent".
(545's fraternal twin)
And he has at least 235(!) microphones in his studio,
many rare-U47's, 251's, RCA ribbons, etc."
"Yes they have the same capsule, however, some other parts like the copper coil are in the 545 making
the frequency response a bit different.
The presence peak is at its highest around 6kHz on the 545 vs. 7kHz on the SM57.
Therefore the 545 is easier to use on sssibilant singers (like me!) usually.
Both the 545 and SM57 are classic choices for guitar cabs in major studios. BTW Little Walter's hamonica
recordings were done on a 545 series microphone,
also Paul Butterfield's (and many more)."
Hope that helps! With a decent preamp (I'm working on getting one of those) they can still be a great-sounding mic. With my Behringer pres I still quite like the sound.