I'm currently producing the new record by LA's garage poppers So Many Wizards and I was looking for a clarity and flexibility in the guitar tone. I decided to go with the classic combination of the MD421 and an SM57. These two mics are complimentary and when tracked separately, you can alter the tone quite a bit by changing the volume balance between them. I had to purchase a 421 since I didn't have one. They're common and have been in production since the 60's so there's many incarnations and I was unsure which would be best. Thanks to good advice from Jack younger from Watch City studios I have discovered the blissful sound of the 70's MD421-U5. The U5 has a 4 stop low end filter which allows for some serious control of the low end through the actual mic. In lieu of the SM57 (all 3 of mine were drowned in a flood) I have an old Unidyne 545 which is the precursor to the SM57. I actually prefer this mic to a new 57 but not by much. I once read the 545 was used on bass during the Beach Boys' Pet Sounds sessions. This will surely be a mic combination I will be coming back to again and again.
Here's some info on the MD421: http://www.coutant.org/md421u4/