It's great for electric guitar cabinet too.
Also good for male vocals that can be too sibilant with a condenser.
Kick drum too.
I use it as my go-to mic where I used to use an RE20
The SM7b has a humbucking coil whereas the 57 and 58 do not. It is more immune to noise pickup. Especially useful when using high gain/compression.
http://www.shure.com/americas/products/microphones/sm/sm7b-vocal-microphone From the FAQ:
QUESTION: Is it true that both the SM7 (all verisons) and the SM57/58 employ the same capsule, hence sound very similar?
ANSWER: The SM7, the SM57, and the SM58 are all based on the Unidyne III capsule design. The SM7 capsule is not identical to the SM57 or SM58, but it is similar. The SM7 also has a larger acoustical chamber behind the mic element, and this extends the low frequency response.