Aramism said:steve albini included, anyone that talks negative about the 57 is a complete idiot. i'm sorry.
The SM-57 has been a go to mike for a long time, and that's the problem. Putting a mike on a cabinet does not insure results. The mic and the guy sitting at FOH are the other key elements. I not only play professionally, but I am also a pro sound engineer and I have plenty of bad things to say about an SM-57, and plenty of good things as well. Maybe that makes me a half idiot.
There are plenty of mics much better than the venerable 57, and a few have been mentioned above, but more than anything placement will be the deciding factor in the sound you hear. Currently I wouldn't waste my time with a 57. What I have found to be the biggest bang for the buck is the Heil PR-20 or PR-22. They have a very flat response, do not color the sound, and have bottom that no other dynamic can give.
Lockbody came closest whith his statement, especially the condenser remark. There is no one mic best for the job, but there are 3 dynamics that will do the job better than most condensers, and I'm not saying better than most budget mics either. I mean better than most. The Heil PR-40 PR-30/35, and PR-20/22. Very high spl rating, very low proximity effect, very natural sound. great pricing. Also, be aware that ribbon mics are much to fragile for use outside of the studio.