Would agree with most of the above.
Mind you. I always try to use AKG C414s as Drum overheads (Condenser mics)
Set in Cardiod mode, their side rejection is pretty good even on the loudest of gigs.
But generally the tight patterns of SM57s SM58s are more conducive to live gigs. But as been stated already. You have to stay pretty close!
SM57s are great on Snare drums. Minimal EQ needed. 58s for vocals, obviously. Personally don't like the Beta versions. Haven't worked out why!! Maybe a bit too smooth.
M88s are very useful, particularly on Kick Drums.
For more controlled studio stuff. 414s, Neumann U87/U47 for vocs. KM100/KM140 for most acoustic instruments.

Ideally I'd want to use Schoeps....but I'd like to buy a house too!

Did record Gillian Welch and David Rawlings once using the one mic technique. Sounds lovely, mainly because they knew when to lean in for the solos. Have seen some old B/W Country vids, using the same technique. You've just got to trust the band to lean in at the right time!
Anyway. interesting subject, and am always keen to learn, so keep the tips coming folks
Regards Ralphie