Well, Shulk is likely to win as Cloud has to wait for an age for his ATB bar to fill in which time Shulk could get a few attacks in. Of course, he'd probably have Final Attack + Phoenix so the fight could continue for a bit and if he has Knight of the Round then Shulk may well lose.
I'm not going to compare to Shulk's Monado III as that's just silly!








