I'm sure I paid £29 for my PG48s. Must have been in a sale as they're £39 now:
http://www.images2.co.uk/cgi-bin/PG4..._ST708035.html
I'd still recommend them for karaoke as well as PA mics.
I do have several SM58s and two of these:
http://www.decks.co.uk/products/sennheiser/e825s
but my favourite, which only the most reliable singers get to use, is one of these:
http://www.swlighting.co.uk/products...s-122/2242.htm
(actually, you can see it better here
http://cgi.ebay.co.uk/CLEARANCE-ITEM...QQcmdZViewItem
I'd rather lose my right arm than lose this. It's the best UHF radio mic I've ever come across (well, under £500 anyway!). It gets used for karaoke, quizzes, speeches, PA work and DJing so I guess it's a good all-rounder. Battery life is good too and I never get any feedback unless I walk right in front of the speaker (which I did once and my ears took about a week to return to normal - won't do that again!).
The good thing about the SM58s is if they do get dropped there's a good chance only the round grille will get hurt. Replacement grilles cost less than a tenner:
http://www.images2.co.uk/cgi-bin/RK1..._ST708454.html
so they won't break the bank and you don't have to replace the whole mic when it starts to look worn.