Yes, it costs considerably more than the SM58 and I'm not sure if I could pass a comparison test between the two, but I love this mic!  To me, it sounds slightly brighter and clearer than the 58s I have used in the past.  If you are a musician who is strapped for cash or trying to make ends meet, get the 58.  If you have the extra dough and want a confidence boost, go for the Beta.  I would buy this again.