Hi, Al. I just tested CCShaky3D on iphone 4.2 emualtor, using the last code from github. It works right.
I suppose this bug is caused by the different between PowerVR mac/ios version and win32 version. By now, cocos2d-win32 depends on PowerVR OpenGL ES 1.1 library on win32, which will invoke OpenGL interface of your PC graphics card, then simulate the OpenGL ES interface.
Riq released 0.99.5-final 48 hours ago, and next week cocos2d-x group plan to upgrade from 0.99.4 to 0.99.5.
A big benefit is that, 0.99.5 implement cocos2d-mac base on OpenGL interface directly. That means cocos2d-win32 can inherit from this improvment, use OpenGL directory on your x86 pc, and break away from the PowerVR OpenGL ES 1.1 library of win32.
I hope this upgrade in next two weeks can resolve many exceptions caused by PowerVR OpenGL ES library of win32, including CCShaky3D.