AKG C535 EB by M4-10
This is perhaps my favourite microphone. It's a cardiod condenser with a flat frequency response, and is a good all purpose studio microphone.
What sets it apart are the great filter options. It has an 100 Hz high pass filter, but it also has a very gentle 4 dB/octave high pass filter starting at 500 Hz. This makes it an amazing vocal microphone for live male vocals, because the gentle cut is essentially the inverse of the proximity effect. I get tired of EQing out the same mud on the SM 58, and with the filter on more often than not I can leave the channel EQ flat.
The first position is flat with no pad, the second position is 100 Hz 12 dB/oct HPF with no pad, the third position is flat with a -14 dB pad, and the fourth position is the gentle HPF with a -14 dB pad. With the pad engaged the level sensitivity is similar to dynamic vocal microphones, so the gain settings will be similar without a chance of overloading the input.
This is the live microphone of choice for K.D. Lang, and while it costs more than a 58, at $300 it's a great deal for those who care about vocal clarity.
Besides live vocals, I also use it in the 2nd position when I play upright bass (live. In the studio I usually favour the RE-20), in front of an f-hole. I use it because I hate pickups passionately, and live bass playing requires a sensitive microphone.
Other applications it shines for include studio instrument mics, drum overheads, and studio vocals. If you want an all purpose microphone, and your definition of all purpose includes live sound, this is the one microphone to get.
AKG 535 EB
You can see and hear it in use here with my band on top of a mountain. It's the "band" mic, augmented by an SM57 for the lead vocal. Case Closed - The Jesus Song