#1
I don't know if you are familiar with them,
Blinded Colony Myspace
I heard that they recorded all their guitar with just an sm57! (5150)

Does that seem possible to you guys? Is an sm57 that good of a mic?
Mesa Single Rectifier
Marshall 1960A vintage
Rg3exfm1 w/ EMG 85/81
Big Baby Taylor Acoustic
Ibanez TS808
#2
SM57 is a great mic for certain things, and an okay mic for others. Not usually a terrible mic for anything.

Just like Phillips screwdriver is a great screwdriver for some things, but.... you get the idea.

Mics are tools, and different tools are made for different jobs.

The 57 shines really well on guitar cabs and snare drums. Fly 'em up as drum overheads or use them as room mics for a chamber ensemble, and you'll probably be surprised at how crappy they sound.

CT
Could I get some more talent in the monitors, please?

I know it sounds crazy, but try to learn to inhale your voice. www.thebelcantotechnique.com

Chris is the king of relating music things to other objects in real life.