Yes, it costs less than a round for you and a couple of mates in your local Wetherspoons, so you're obviously not going to get the same quality as the industry standard it looks so similar to, but I've had mine for a few years now and it's served me very nicely. Ideal for guitar amps and if you're playing your local pub or youth club, then it's an ideal start. Mine has lasted well and still works fine, but to be fair, if it breaks, replacing it won't break the bank, will it?
It's not an SM57, but it is very close in looks and sound quality. On amazon you can get these for about £11 and although they are fairly cheap, they sound professional and can get the best out a snare, guitar, bass or toms. I personally use it for Snare, High Tom, Floor Tom, High Hat, Guitar and Bass Guitar. I always get the best quality out of them using these microphones. I was surprised how perfect they sounded for mics that costed £11.
If you don't want to spend loads of money then these are the microphones to get, you can get the best sound out of your instrument with these and they give you a clear, professional tone.