The exclamations 'What a shame!' and 'What a pity!' have the same meaning.
However, the nouns on their own have very different meanings. Feeling shame and feeling pity are very different emotions.
2014年8月1日
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Yep they mean the same thing!
2014年7月31日
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>> That's a shame! That's a pity!
Nowadays, they mean the same thing and can be used interchangeably.