The is a much longer overview of this clip under the War Film Tutorials Section "Compositing in Shake" . This was the first shake project i really got into, this took me about a week to finish. I did a few versions before this and a few after but every step of this was a learning process.

Muzzle flashes made in Effects lab
Muzzle flashes also from Detonation Films stock footage
Stock footage muzzle flashes were tracked in After Effects
Anti-Aircraft tracers made in After Effects
Titles in After Effects
Color Grading in Final Cut Pro
Everything else was in shake.

I spent more on training DVD for Shake than the program. Its is a crazy different program, very powerful.