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It's not a "bust," but white shouldn't expect to get a serious advantage against a well-prepared player with the black pieces. Cheparinov made this line popular by winning several nice games against lower rated opposition in 2004 and 2005, but since then several good responses have been found, of which McShane's 11...Be6 appears to be the most successful so far.
White can do better by not going for the exchange and playing 12.cd6 Bxd5 13.ed5, but Black seems to be OK after 13...cd6 14.Re1 Nc5.
I don't know about the Master level, but I have had very good luck with 10.c5 against unprepared club players.
Quite so - White is a pawn down at the moment, so it makes little sense to trade a developed minor piece for the immobile Rf8, especially the way Nakamura did it allowing Black a second pawn for the Exchange.
10 c5 is an interesting idea, but one most likely to be effective against the unprepared, as JamesCoons notes.
This is all good stuff. I find it funny that the book I was currently looking at recommendeds 10. c5 but does not give Mcshane's 11...Be6 as a response lol.
McShane's 11 ...Be6 is a novelty, so it wouldn't likely have been covered in books. Few openings books give actual new analysis that is of any value - the players would keep such moves secret until they can play them OTB.
Actually 11...Be6 was played by the Belarussian GM Yury Tihonov a couple of years berfore McShane.
The c4-c5 idea is quite typical on this position, but the timing is debatable. Currently white is rather succesful using 10.h3 h6 (10...f6 11.Bc1 Nh6 12.Re1 is quite comfortable for white) 11.Bh4!? Nf6 12.Bxf6 Bxf6 13.c5!