I believe the industry standard you're referring to is the SM58. I have the lower-end PG58 and it's actually pretty solid.
I record sometimes, nothing really pro, and the PG58 is more than good enough. However, I have friends who record pro stuff or play big gigs, and there's where you can see the difference.
Anyway, the SM58 is like twice the price or so, so if you want higher-caliber gear it's not a huge difference.