Honestly, the shifter reminds me a lot of what the classes from the ACG looked like during the public playtest - good ideas, but too much a combination of other classes without a unique feature to call their own. This has the same feel, having no new mechanic or thing to call its own (outside of some awesome archtypes, I'll admit).
And even if numbers-wise the class ends up being perfectly balanced and good for play, I still feel cheated, since the class called the shifter, that's described as fluid in shape and form, is not good at shifting compared to other classes. The Hunter was better than the druid at taking care of the animal companion, but the shifter is so INCREDIBLY limited, especially at earlier levels, and what they do get is just enhancement or competence bonuses I can get anywhere else.
Now I DO love the idea of the chimera aspect, which is perhaps the most unique thing about the class, but when you get it, there's only a single "combo" form you can do. Later on, when you have 3 or 4 forms you can pick and choose from, then it looks like it would be lots of fun, but a lot of campaigns don't get that far, and it doesn't seem like it would be fun at early levels to go YEAH I HAVE +2 ENHANCEMENT TO STRENGTH! BEHOLD MY SHIFTING PROWESS!, while standing next to the fighter with a +2 Str Belt.
I feel like having just one or two more forms early on, perhaps basing the number of choices off of Wisdom, and getting Chimera Aspect a bit earlier, would make this class worlds better, and feel like a true shape-shifting martial.