@cinnamon
http://blaketrader.com/ this is an interesting type of exchange
I believe it is also the right direction for smart coin communities to develop their own exchange platform.
And to use the shapeshift 'retail' model ... you send in coin_A and the server returns coin_B
(warning non-techie opinion)
I also think there will be a few solid github projects, that create secure yet simple trade/escrow/exchange programs.
So anyone with the ability rent a server and upload the program is basically an exchange house.
Next step is some kind of monitoring and ranking, followed by API data dashboards ... and badda bing! You've got decentralized (none complex) exchange networks.
Then go 21st Century with the ETH/EXP smart contracts ... and the same 'verified' honest exchange nodes become 'trustworthy' escrow agents for lumps of coins that need to be in a locked box until an 'trustworthy' oracle posts 'official' outcomes, top it off with multi-sigs required from multi-escrow agents. Mind you all this is not-a-human operated, all logic gates and open source code.
example
I have 1.3kg uno and want 6.25 dash in exchange. (so I go to the unocoins exchange)
I tell the server "here's my order" and if you can not fill in 60min return to this "UNOaddressDFSJdifj8fkdal9"
Now the unocoins exchange pings the major exchanges, the minor exchanges, retail exchanges, the BLAKEtrader, the NXTexchange, Dashcurex, digitalNOTE_ex, POT_ex, RDD_ex, PPC_ex, NOVA_ex, monero_ex, etc ... and discovers via an 11-way trade way too complex to explain ... that yes it can fill this order.
And it does it for free (because the core community sponsors the operation) or ELSE it does it for a small 'optional' tip much like the mining networks.