Hey Todd,
That’s kind of a loaded question, but the short answer is yes. Shake has a robust 32-bit float architecture (AE 7 now supports float, but most of the filters won’t work in it) and the node-based compositing offers amazing flexibility over timeline-based compositing when doing visual effects comps. Combustion does have a node view, but it’s really secondary to the timeline – it’s hard to work exclusively in the node view.
Shake also has a very powerful tracking, stabilization, and matchmoving workflow, that allows you to do some pretty tricky stuff without significant sub-pixel softening. That in addition to a host of features like warper, morpher, optical flow retiming, automatic image stabilization etc.
As far as 3D, it is only 2.5D, but it’s often used with float-based renders to do some pretty significant scene adjustment and relighting to 3D renders.
It’s really a question of job: if you’re doing a motion graphics project After Effects would be the happiest home. If you’re doing a visual effects shot, Shake is going to a much better place to get things done.
Damian Allen
Certifiable Pixel Pusher/VFX Consultant