You couldn't really remove too much functionality from shake to make an "express" version without completely crippling it. Attempting to limit output to a certain res (DV) has its own problems.
The real problem, though, is that a shake 'lite' already exists. After Effects isn't a node-based compositor, but 90% of the vfx you want to do can be coaxed/beaten out of it.
I like After Effects, but it's not really fast and doesn't make much use of dual cpu's. Shake however is said to be very fast. I've also seen quite a lot of things in Shake that AE can't do. And node based systems are nice to work with.
Funniest thing however is the 3 button mouse that Apple lists as a requierment for Shake..