Mmmmmm.. Dan, I find this a very bizar story. I have some 40 mics, most of them classic and 40-50 year old. I have three tube LCD's, but only a single SM57 which I have bought because of all the raving on the forums.
And I've really tried the 57 on almost everything and to be honest is always sounds kind of decent, but there was always a better sounding mic.
On snare it can even sound great, but in case the drummer is a bit loud on the hi hat, you'll end up with the nasty sounding bleed of it in the 57. The Beyer M201 is the perfect solution for this and it sounds even better.
On guitar cabs it always gets beaten by the MD421 or the M88, not to mention the MD441 and even the 50 year old and kind of rare AKG D14S kicks the 57's butt.
On horns and winds there's no way it holds to an MD441 or a Beyer ribbon.
On vocals it always sounded a bit flat and boxy, while the M88 sounds like a condenser compaired to the 57.
Sure, I know the 57 is cheap, but I've really tried to understand why many are raving about this mic, but IMHO it's not more than mediocre and on vocals 99% of the vocalists sound a hundred times better on a LDC like the M149.
Here's a male vocal on the M149:
http://www.beaufortstudio.nl/files/Beaufort_Folk_Dockside_Kilkelly.ogg
More:
http://www.beaufortstudio.nl/index.php?pg=4