Roll the clock (OK - calendar) forward to today. I have been working on my "Nemesis Project" and have recently re-recorded all of the original guitar parts. After a day of mixing it just wasn't working for me, so eventually I dig-out the 57. Three takes later and the basic rhythm guitar parts are in the bag - next to no "mixing" required.
The point? OK - a couple of years ago I knew that the SM57 was outdated and hyped crap. Today (literally today - 04 November 2011) it was EXACTLY what the job needed. Either my specific SM57 has aged EXCEPTIONALLY well or else there's a point here other than the one on the top of your head. Beware of what you (think you) know!