does DBCC ShrinkDatabase do a Reorganize of files? does DBCC ShrinkDatabase doa  Reorganize of files?

Basically does it mimic the same process as if i checked Reorganize in the GUI?
No, actually it is notoriously bad for fragmenting the data. You should do a re-org after the shrink is complete.

FROM MSDN:


  A shrink operation does not preserve
  the fragmentation state of indexes in
  the database, and generally increases
  fragmentation to a degree. This is
  another reason not to repeatedly
  shrink the database.