I didn't know anything about this drink, and I haven't tried it (yet), but the Michelada definitely sounds interesting. I was browsing the Gourmet website, reading about the September 2007 Special Issue: Latino Food, when I came across an article about the Michelada. Here's a taste of it:

The Michelada

The Michelada, we learned, was nothing more than Mexican beer poured into a tall, ice-filled glass (its rim salted Margarita-style) with fresh lime juice and a bit of hot sauce (Tabasco, in this case) and Worcestershire sauce stirred in. We ordered a couple of our own and became instant converts. The lime juice etched an acidic edge across the flowery sweetness of the malt, the hint of faintly meaty Worcestershire offset the light bitterness of the hops, and the salt and hot sauce seemed to brighten the other flavors. If there was anything better on a hot Texas night than an ice-cold Mexican beer, we decided, it was a Michelada.

The Michelada is an example of what in Spanish is called a cerveza preparada, or gussied-up beer. (I translate loosely.) One curious example of the genre found in some parts of Mexico is a mixture, usually half and half, of beer and tomato juice. The Canadians, who also like it, call this red beer; I call it grimace inducing. The Michelada on the other hand, is delicious, refreshing, exciting.

Interested? Check the article, and you'll find more about this curious Mexican drink. They've listed some of the possible origins of the Michelada, and a simple recipe.

If you're really interested in this, you can try the Google Blog Search and read more personal experiences with Micheladas, along with recipes. It seems the Michelada is like bread, every person has a unique recipe. I'm sure I'll come up with my own version, once I try it. :D