The “58” is an absolute workhorse. It is probably the most used microphone in the world. Not only does it have some amazing sound (with proper EQ you can make anyone sound great), it’s also predictable (if you show up in a studio or venue and they have a “58” you’ll be right at home using it).
It is also built like a tank! They practically never break down. You can use it as a hammer if you suddenly need to build a house (don’t actually do that!). But for the low cost of such a great microphone, what you get in return is a really really great value for the price. For $99 I would recommend you buy a few of them. You’ll have them forever.
They have multiple uses and can be used for vocals, drums, almost every instrument known to man. They’re dynamic microphones but very reactive to transients and not ‘mushy’ sounding at all. Being cardioid, the SM58 microphone is excellent for voiceover recordings in a controlled environment, or live vocals on a loud stage.
If you were to bring only on microphone to an island: it should be the SM58!