What's your definition of modern? The latest and greatest ARM processor (Cortex-A9) has a penalty for shifting. Their shifts are a bit strange, because any alu op can shift one of the operands. For standard alu ops, shifting by an immediate costs one extra cycle, and shifting by a register costs two extra cycles. Mov, i.e, a pure shift, only costs an extra cycle in the register case, but it’s still more expensive than, say, an add.
I haven't done any Itanium assembly since McKinley (Itanium 2), but their shifts had 3 extra cycles of latency. Making a fast shifter has only become a harder problem since then, because the ratio of wire:gate delay has grown; they could have a single cycle shifter in the current implementation, but it would cost them even more than it did back then.
x86 is unique among modern architectures because it has so much legacy baggage. Shifts are only fast on x86 because when Intel implanted slow shifts on the P4, it killed performance in a lot of apps that were compiled with compilers that were accustomed to having fast shifts, so that they would substitute shifts for multiplies whenever possible.