According to one source, Apple will finally be releasing the Universal version of Shake (4.1) tomorrow. Alongside it will be a significant price drop, rumored to be $499 (down from $2999).
The future of Shake, however, would be in jeopardy, as the 4.1 release is said to be the last release with scale backs in the development team. The demise of Shake, however, would be relieved by another high-end compositing application not due until 2008.
There have previously been reports of a high end Final Cut Extreme application in the works.
Update (moved to page 1): As rumored, Shake 4.1 (universal) has been released, with a significant price drop as expected (now $499 USD). There are no official indications that this is indeed the last major release of Shake beyond Apple not continuing its maintenance program, but that does not preclude the possibility, as Apple may still want to sell the reduced-priced compositing software until their new high-end solution is available circa 2008.