There are a number of strange statements floating around this thread.
"SM58 is a beginner mic, focusing on vocals. Get a 57 if you need it for other applications."
The SM58 and SM57 are identical mics, except for the shape of the grill and built in windscreen on the 58. Now, they do sound a bit different, which is a good lesson on just how much the design of the enclosure can affect the sound of a microphone. But basically, unscrew the spherical grill from a 58 and you pretty much have a 57.
"A step up would land you in the large diaphragm condenser category. I'd say check out studio projects c1, audio technica at3035, akg c1000s... Just remember LD condenser and check out reviews."
Only one problem: The C1000 is not a large diameter condenser. Well, actually, there is another problem - recommending it as a vocal mic for recording purposes. There may be someone out there who actually sounds decent when recorded through a C1000, but I can't even imagine what kind of voice they would have.
"Seems Phantom power just adds more power to pre-amp for condensor mics."
Actually... no. Think of your cell phone. There are two ways to make it work -have a charged battery, or plug the charger into the phone and draw power from the household current running through the transformer in the charger. Without some source of power in a condenser mic, the electronics simply do not function. Phantom power is kind of like running your cell phone off of the charger. Except that the standard for microphones is 48 Volts, (although many will work to some extent on less.) So, phantom power doesn't boost the signal going to the preamp, it actually "turns on" the mic itself.
(By contrast, a dynamic mic and most ribbon mics do not need external power.)
Finally, the pinning diagram is simply stating that the pins are wired in a standard configuration. The pins refer to the individual connectors on the XLR male and female ends. If you take one apart, you will see (in most brands, like Neutrik and Switchcraft) that they are clearly labelled 1, 2 and 3. There was a time when some gear had had Pin 3 hot instead of Pin 2, but these days almost everything is Pin 2 hot. If all your stuff is Pin 2 hot, (and chances are overwhelming that it is) you don't have to worry about it. A piece of gear with Pin 3 hot would require you to custom make a special cable where Pin 2 and 3 are switched at one end, in order to make it work with your other gear. A mic preamp with Pin 3 hot, for instance, might severely damage one of your mics (that was designed to have pin 2 hot) when phantom power was engaged, unless you used that custom cable.
A miswired cable can essentially produce the same problem, so if you are making your own cables - check them with a cable tester or meter before using them!!!
