Behringer XM8500

It's not an sm58, but is it? It definitely looks the same besides the grill, and it doesn't feel much different either.
I actually carried out listening tests with random members of the public, with dry recordings of speech of 3 microphones. This, the T.Bone MB85, and the original Shure SM58. Rather surprisingly, a larger majority of the public preferred the sound of this one.
I personally find it a tad muddy, but that can easily be gotten rid of.
I also carried out a feedback rejection test between the three microphones. An SPL meter was set up in a static location, and a mic stand was securely set in front of a Martin Audio LE1200 monitor switched into passive mode, powered by a Martin Audio 4.8Q amplifier, and the microphones were all plugged into the same channel on a Midas Pro1. This means the only variable of the test was the microphone and the gain setting.
In short, the microphone which returned the highest SPL without feeding back Won. I'm not sure if it would behave the same in a live band situation, but in this scenario, at least, the XM8500 won!
Very Impressive!

I remember 10 years ago when I bought my first behringer gear, it was some guitar effect pedals, the feeling was not very good, the gear was generally of poor quality in every way. And this feeling for the brand was created...

Surprisingly in recent years I got some behringer equipment that made me smile. And this mic is one of them.

First of all, for so little money we get a mic with holder and case, which doesn't always happen in much more expensive microphones.
Second, the microphone looks great, is well built, with a beautiful black finish. It's not light or heavy, it's just the right size for a hand microphone, and most importantly, it sounds great.

The XM8500 is one of the cheapest alternatives to the Shure SM58, although they look identical they are built internally with slightly different methods. The XM8500 has no transformer unlike the SM58, Impedance is different, it has more gain, which is good, and sounds relatively close with a warmer tone. I've also tried the mic on an electric guitar cab and on a drum toms and snare, both worked perfectly well.

I think this is the best low cost mic on the market.

This is a really mic, with a decently clear and crisp sound for its price. Definitely something to get if you're on a budget and/or want to just noddle around with recording!

For me, I use this as something easy to hook up and sing into to record demos and ideas into pro tools at home, although with a lot of playing I've found it has uses past what you'd expect.

With good mic placement as limited movement, this can work as a very very cheap alternative to a boom mic for indoor video recording. If you're an actor looking to for something to make your self tapes a little nicer sounding - this (especially with the bundle it comes in which is around 30e I think) is a very cheap and very very useful purchase.

Only thing I don't massively love about this is the built-in pop filter has little to no function it seems. i did a comparison with the cap on and off and the difference in levels of pop/distortion caused by breath was not massively noticeable. Obviously on any dynamic mic this isn't going to be perfect but this one definitely isnt brilliant.