Sort of related to this, but I think that regardless of what type of shockwave we're using, it'd look cooler if there was a brief point flash (maybe with lens flare, like with missile thrusters) before dimming and expanding into the blue sphere.
Another thing to consider is that the primary 3 reasons a spherical shockwave is better are:
1. Looks good from all angles, unlike disc shockwaves.
2. Looks cooler when they clip into hulls or into each other
3. Looks good at very close distances (or inside the shockwave), unlike 2D shockwaves
That said, I think it's as important, if not more so, to consider how the shockwave looks when it's in your face, as well as when you're inside it. Getting knocked about by giant pixels is not exactly immersive, and neither is having a paper thin shell fly past your screen when you are hit broadside. Once inside the shockwave, it'd also be important to consider that there would be no extra darkening around edges, since there isn't really overlap visible when you are looking from the inside.
I know that's really finicky, but I figure if we want to do a good shockwave, we might as well make it extremely awesome.