Sorry I am not sure exactly what the code is doing. Sounds like he is changing html extensions to shtml and the is going to have a re-direct so all your links and indexed pages stay the same.
if this is the case then:
If the htacces is done right it wont make any difference. Just like any other redirect. All the html pages will point to the shtml pages.
Now, if these pages have PR than yes this will affect this. You will loose PR on the html pages that are now shtml. These will still be looked at as new pages just using a 301 re-direct for the SE's to maintain all your links and ranking positions. PR does not copy over in this case.
Also, SE's do not care about html or shtml or any other extensions. They treat them all the same. So if you have no PR on these pages it makes no difference.
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