This is an excellent, general purpose microphone at a reasonable price. I'm a classically trained vocalist, and I use the SM58 for rehearsal and "scratch" recordings. It delivers clear, true, and warm sound under all standard conditions and requires essentially no fine tuning or signal processing. I still prefer the crisp detail of a condenser microphone for formal demo recordings (my favorite is the Studio Projects C1), but it's hard to beat the simplicity and reliability of the SM58 for everyday use.
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