Shami has looked good.Though he hasn't looked as good as cricinfo would have you believe.
I think he needs to build up physically a bit.And of course, be coached by the right people.Going by India's history of overhyped fast bowlers,the chances of Shami eventually fizzling out are much higher compared to the chances of him developing into a something noteworthy.There have been Indian fast bowlers in the past who have done better than Shami in the initial parts of the career (Ishant for one), only to become absolute jokes later on.
I think it is imperative that he is coached by someone capable at this stage of his career.Wasim for me, would be one such guy.He has worked with Indian pacemen in the past, and their performances have always gone up when he's been around.