As a pointless experiment a while back, I refrained from using the SM-57 for over a year....no one complained.
With the music I tend to record, the 201 or a number of condenser mics always seemed to fit better sound wise on a snare drum.
For electric guitar, most of the time the folks I was recording would be amazed at the width and depth of the guitar sound with a Royer 121 so that has become my first choice there. If we really need the 'dynamic' sound, a 421 or an AKG D190E (but only on the right amp, as it's a pretty bright mic already) usually fits the bill.
I have little use for the 57...unless the drummer is constantly hitting my mics....then they get 57s.
One thing I was always interested in seeing was a 57 with the body cut down, and the end turned 90 degrees so that you could fit one in really tight places. I think I remember reading about this years ago, but never saw one. Good idea (see the "Albini" model Josephson mic for this idea done right)