Is Shockwave good in this game?

Shockwave doesn't compare well at all with those two skills. All three are different, but Annihilationu and Lance are very good. Shockwave is outclassed in nearly every way by another skill.

For "caster style" characters, Combo Damage is king. Anything that allows you to reliably prime and detonate is good. The crowd control aspect of Singularity and Pull are also good. There are numerous builds you could employ. For raw damage, though, Annihilation is helpful. It creates a radius in which damage is greatly amplified. Lance can be made into an at-will/cooldown-free detonator. Throw can both prime and detonate. Charge is as brokenly good as it was in ME3.

The most destructively powerful biotic build I've seen is Vanguard [Charge/Annihilation/Energy Drain]. That build creates a cycle of combos, weapon damage and invulnerability that destroys any semblance of challenge. Ditching Charge and swapping in Lance, Throw or something similar could at least keep things interesting.

I'm assuming that you're looking for Combo Damage builds when I give the following advice. Look for skills that both prime and detonate. These include Throw, Incinerate and Energy Drain, off the top of my head. Such skills give incredible versatility. Paired with the right passive Tech skill evolutions, Energy Drain is likely the strongest skill in the game. Gear also plays a part. Craft weapons and armor that supplements your playstyle. Combo damage is king for casters, so build some of that into your armor. A good melee weapon loaded with Kinetic Coils boosts all of your weapon damage, not just melee. Look for synergies like these to fully develop your build.

I can talk about game mechanics, builds and gear all day. This game has such a fun assortment of skills and gear with which to tinker. If you want more specific input, just tell me what type of playstyle you're looking to achieve. It's hard to build a bad character in MEA; but you can build an amazing character with just a bit of tinkering and tuning to perfection.

Another fun fact about Shockwave:
The rank 6 anti armour bonus is only applied against shields.

Scratch that, read the bools wrong. PB's shockwave without the anti shield evo gets that bonus against shields.
If I understood this right this time, it's still wrong though...