Yes it a great exercise and it can prepare you to get in the ring. It can help with everything like improving your technique, footwork, balance, etc etc. It also prepares your mind so when you get in the ring you be will ready! And if you only want to shadowbox to get a good workout its great for that too!
Here are some get tips and information on shadowboxing
http://www.myboxingcoach.com/shadow-boxi...
Shadow boxing is great to develop form and speed, but it won't develop much power. It also won't burn as many calories as using a heavy bag. Don't even start shadow boxing until you get expert advice on form, because it's very hard to break bad form!
Sure, it's a great cardio workout.
Yes, but sparring is better and more effective
is it a good exercise?