Actually the Sherman wasn't even the most produced tank in the war. That price also goes to the T-34, of which more than 57.000 were built. I mean, the whole discussion is wrong in so many levels that i dont even know where to start.
The T-34 was the best all around tank design of the war, no doubt about it. It was extremely reliable, taking on temperatures from -50 celcius in the winter to the very hot plains of central Russia, in summertime. It was easy to manufacture, easy to maintain and because its steering system was quite primitive(like a tractor, actually) anyone could drive it, with just a little practice. Also, it had a revolutionary sloped armor design which made its front virtually invulnerable against early german guns(Panzer III and to some extent the Panzer IV). Unfortunately for the Russians, it took them some 3 years to learn how to use this tank to their advantage. In 1942, the outclassed, outnumbered german tanks, could still take them on and come out victorious.
On to the subject of German tank design. For the majority of the war, the German had inferior tanks. Im not saying that the Panther or the Tiger tanks were badly designed(Although the Tiger had its share of flaws), they were probably the most influential and modern tank designs of the whole war. But the reality is that neither of those tanks were produced in sufficient numbers, to turn around the war. The single most produced tank in German service, was the Stug III, and they only produced 10.000 during the whole war. The Stug was a conversion of the Panzer III, and overall they offered a very good efficiency compared to their cost. It didn't have a rotating tower, which cut down both costs and build time considerably, and also gave it, its biggest advantage. It had a very low silhouette, making it hard to spot, and easy to camouflage.
The Tiger tank, while it had brilliant protection, and armament was ultimately a step in the wrong direction. They lost the biggest advantage of tank warfare, the speed and maneuverability. While it was exellent in tank to tank battles against the smaller American/British tanks, it didnt fare well on the Eastern Front.
The Panther sported an even better weapon system than the Tiger, a massive 75mm L/100 cannon, and combined that with a much more efficient protection system and a higher speed. It was heavily influenced by the T-34, but if you've got to steal, why not steal from the best? It was probably the best design, if you take a purely operational point of view. It was however a logistical nightmare, because of the demanding maintenance and the complex production of it. Nonetheless, it revolutionised tank design as much as the T-34, and influenced the western tank designs for years to come.
All in all, the Shermans only attribute was how easy it was to manufacture, and maintain. It had a high silhouette, little armor, low calibre gun, and only decent speed to boast. The primary reason the allies overwhelmed the Germans in France, was because of their spectacular airpower. Also, the Germans exactly the wrong tactic for dealing with this. Instead of trying to stop the enemy at the beaches, most their armor was in reserve. However, when they tried to move to the front, they were constantly bombed by the allies.
Anyway, im rambling as always

I apologise for making such a long off topic post, but you know... Once you start, its just so hard to stop again