The Shure PG48 is one of Shure's new budget range of performance mics and is designed for stage vocals.
The first thing I noticed with the PG48 was that it was quite big to hold and not as clear as the Sennheiser e825s. The PG48 does not suffer from wind noise and has low handling noise but with the same token it doesn't have as much bottom end and means the bass can sound a little floppy. To be honest, listening retrospectively to the PG48 and PG58 I couldn't tell the difference between them but maybe you can!
A reasonable mic at a reasonable price and if you're going budget be sure to compare this mic with the Sennheiser e825s and the T.Bone MB85beta. To summarise... you can do better.