Please compare the SM7B to the vintage SM5B.
Both are cardioid dynamic microphones intended for broadcast voice applications.
Both are transformerless.
The SM7B and SM5B moving-coil cartridges were similar, but not identical.
The SM7B incorporates a humbucking coil.
The SM7B incorporates the internal volume of the microphone body as part of the acoustic design of the cartridge; the SM5B did not.
Historical Note: Among some audio engineers in the broadcast radio market, the SM5B has the reputation of being the finest voice-over microphone ever made. However, the SM5B was not a successful product for Shure. It was expensive and difficult to manufacture. The best sales year in its history saw a quantity sold of only 200 units. With such a low sales volume, the SM5B parts suppliers kept increasing their prices. Eventually, it was not economically feasible to keep the SM5B in the Shure product line. The SM7, introduced in 1972, has been and continues to be a very successful product worldwide. It has outsold the SM5B by many magnitudes.