Depends on the shield really. A lot of shields are flat so they interlink together better, forming a shield wall (norman kite shields and viking round shields for example). Others are more curved to help deflect blows (Roman scutum and I remember a odd one, possibly celtic, which was effectively a 90 degree curve).
Shields generally aren't used statically though and can move to intercept or deflect blows, so it's not really just something for the opponent to practice his cutting/breaking skills on.
Generally shields have protrusions to reinforce their structure and stop weapons sliding around on the surface (the rim of the shield especially).
A seriously doubt a Roman scutum would be effective in protecting against a medieval era military crossbow. When I have more time, I'll look up some values and crunch some numbers to figure out how much of an effect less than an inch of wood would have on stopping a bolt.
To clarify, when I say 'wouldn't be slowed down', I mean the bolt would penetrate through the shield and still significantly injure or incapacitate the person on the other side, to the point where it would be more effective for the person not to be encumbered by the shield.
An updated pavise style shield would be effective though, but we're moving away from your legionary concept.