That does not show him dying. Just an understanding that Rick and Shane are now enemies.
Poor move on Ricks part. If you want him gone you shoot him from behind, guarantee his death. What an idiot.
I expected something more. Like a dramatic split between the group. I can see T-Dog, Andrea, Daryl and that annoying girls mom siding with Shane and Lori (Carl), Hershel (and family), Dale and Glen siding with Rick.
It may come to that as Shane still gets away as the scene does not show him actually dying.
There is no way Shane is dying this early in the season.