Hmmm.. Interesting question. The NOAA feature would allow you to receive weather broadcasts. I do not know what info you could expect to find on the weather broadcast during an emergency except for the weather. Of course, everybody should have a good weather radio, because the weather might BE the emergency. The VHF TV reception might be useful if you live near some VHF TV stations. Analog TV is supposed to be going away by 2009.

On the other hand, shortwave will be with us for a long time (or at least until BPL takes off). But you would likely not find much local information on these bands, but it would be quite useful for world news and entertainment.

So, this is one of those cases where there is not clear-cut winner. If you aready have a weather radio, I would go for shortwave.