it's perfectly fine and plenty of records have been recorded using sm57s, sm58s and their siblings, the shure 545 for vocals.
however, please realise that the mic is but a SMALL piece of the equation. the singer, the voice, the skill of the singer, the room, the preamps, the cables, the mixing board, the monitoring environment, the outboard effects, the mastering, the production choices AND the engineer (among other things) all play a large role in recordings.
so with that in mind, please understand that you CAN get a perfectly fine sound out of an sm58 in the studio........but please also don't complain that you're not getting that "pro sound" that you hear on today's commercial cds......
.....it's not that it's not achievable.....but there's a lot more than the mic that goes into it.
cheers!
wade