Spoiler Alert!
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Yes, the plot is basically the same as the original version by Aristophanes. There are a few slight character modifications in order to modernize. Euripides and Aeschylus are indeed replaced by Shakespeare and Shaw. After carefully considering both viewpoints during a debate of the mind (Shaw) and the heart (Shakespeare), Dionysus chooses to take Shakespeare back to earth with him, stating that the world needs a poet to inspire them, rather than a great thinker.
I truly loved "The Frogs" and am sad to see it close this Sunday. If you can get tickets, and you like to laugh and think, consider going. Fun score, thought-provoking, and Lane (and the rest of the cast) are all truly wonderful.
Neither a borrower nor a lender be...unless that's mine in the first place.