I've been thinking about buying a Shure SM57 mic because i need a good mic i can use for vocals, drums, and amps. This seems like a well rounded mic and its sort of pricey, but i'm willing to buy it if it's worth the money. Do you think i should get it or am i just paying for a brand? If there's anything cheaper please suggest.

I personally love the Sm57 for amps and drums, but not so much for vocals. I suppose in a pinch it could work.
And the Sm57 is a very low priced mic. If you want supurb quality, you're looking at at least a few hundred bucks more, and many mics go easily into the thousands.
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Granted, it's not amazing for vocals, but it does the job - particularly if you spend some time with placement and processing. In general, it's a good all rounder and not high priced at all.
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For the price I think it's a great mic. Definitely agree that it's more geared towards amps and such, but I use it for vocals sometimes, and as long as you set your pre-amp right and keep a consistent distance from the mic, it's not that bad. For an all-around mic, I really like it.
it's a great mic for the money, i got 4 now because i just like the ease of use and reliability. tough durable little mics that sound good without alot of fuss. eventually i will upgrade to some studio mics, but when i record live at places i'll still use my 57's.

Trust me, read the reviews for the Audix i5.

Same price, MUCH better mic.
Andy Sneap uses only sm57 for guitar and bass "think he also does for some drum parts"
And andy sneap is a godlike producer. So... what are you waiting for?
The SM57 is pretty much the industry standard for recording Guitars, Bass etc....

I personally prefer using two mic up guitar amps, one on-set and one off-set. As for vocals a dynamic mic (which is what the 57 is) has a cold sound, where as the a condenser has a warm sound which, is more ideal for vocals.

However, the singer for Oasis uses the 57 to record his vox, the mic suits his voice. I think it's down to preference. Anyway, the 57 would a good choice for instruments.
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I've heard good things about the Audix model myself, but I haven't personally tried it so I can't really comment. 57 is tried and tested though, and a classic workhorse.
There is poetry in despair.