From what I've been told from other fans of the series via Twitter (and most who've read the books), Shane never makes it to the farm in the novels - he's dead by then. I was told the showdown between Rick and Shane does take place and Carl does end the shocking situation - the series just prolonged the inevitable. To be honest, I was kind of glad to see Shane go. While I liked his character, he was too much of a loose cannon with each passing day. The fact that he tried to kill Rick during their fist fight in "18 Miles Out" was a clear indicator that he wouldn't be able to keep his cool with his former best friend. Add to that Lori's toying with him in "Better Angels"....While it's possible to say that she did want to come clean with Shane regarding her behavior towards him, I still think she knew the exact effect her words would have on him. She's still Lady MacBeth in my book.
I hear there will be a season 3, and anyone who's familiar with the novels will see the appearance of The Governor. I'm thinking the Gov is the leader of the 30-man (give or take a few) group that Rick's group has already encountered. Should be interesting.
PS: Shane's player, Jon Bernthal, has scored the lead in a new series pilot so he would've had to leave TWD anyway. Better he go out the way the character in the novels did than trying to recast him.