The Shambala bill, it is presently a dormant issue.
The bill died in committee in the last legislative session of the U.S. Congress (106) but is more than likely going to be resurrected at some point.
Chances are, they will have fixed much of the language that caused it to falter in the last session. This is why it is important we all keep watch for this bill to see if/when it re-surfaces and let all know if/when it does.
One place to watch for it is: http://thomas.loc.gov/home/thomas.html
Select 107th Congress and type in to the search by word/phrase "exotic animal" (without the parentheses). Then type in "wild animal" if that fails to bring up the shambala bill. If that fails, type in "shambala".
If you are interested in looking at the bill and it's history as it was introduced in the last (106th) session, you can select that session by selecting Bill Text (below) and then select 106 and type in "shambala" (again, without the parentheses).