Nah, the shield punch is really one of the best augments <if it works>. Currently it is not bypassing shields.
So if I have 100 beam attack and I have the shield punch augument. I would expect 66 points of dmg to be applied {DIRECTLY TO THE HIT POINTS OF THE HULL} thus 'bypassing' existing shields.
This is my understanding of how it works and it reads exactly that. 'Beams will bypass 66% of shields but still do full damage.
Again if my beam attack is an even 100, then I expect 66 to be applied directly to the hull.
It is currently NOT working like this.