Ok so here's what I've learned about Shubbies thus far.
Shubbies are cute little wearable fishing pals that help you while you fish on the Fish Hunt game. They talk, give bonuses, win potions, and increase your chance of winning too.
There are 3 types out there: Blue, Green and Red. Blue is the most common, Greens are moderately common, and Red is the rare.
Each one gives bonuses to your fishing xp and gives you a chance of winning pet alicracity potions or regular alicracity potions, as well as a small chance of finding extra bio-waste and a small chance of finding xp potions.
Each Shubbie can also talk and says some really cute things to keep you amused while fishing. You can choose to teach your Shubbie to say something but keep 2 things in mind here. First, whatever you teach them goes to the whole network of shubbies and can appear from any shubbie at any time. Second, it DOES cost 25L to teach it a short phrase and this does come out of your fishing earnings.
Every Shubbie must eat. They consume food with every cast. Each color has different levels of consumption. They consume white magic powder that you can either buy in world from someone who crafted it, craft yourself, or buy on the marketplace. In world from crafters the cost ranges from 60L - 75L for a stack of 1000 spoonfuls depending on where the market prices are sitting for the ingredients that make it.
The consumption for each color is as follows. Blue shubbies eat 1 spoonful per cast until level 32 and then they consume 2 spoonfuls per cast. Green shubbies eat 2 spoonfuls per cast until level 32 and then it goes up to 4 spoonfuls per cast. Red shubbies eat 3 spoonfuls per cast utnil level 32 and then it goes up to 6 spoonfuls per cast. Since White Magic Powder is sold in stacks of 1000, one stack will last a blue shubbie for 1000 casts; a green for 500 casts; and a red for about 333 casts. These are of course before they reach level 32.
Each also gives different bonuses to your xp per cast. Blue gives 1 xp per cast, Green gives you 3 xp per cast and Red gives you 5 xp per cast. Each also makes your cast time shorter. Blue PET: 5 % faster cast, Green PET: 10 % faster cast, Red PET: 15 % faster cast.
Shubbie also have this wonderful ability to count your casts. At first I didn't think this would be useful for me but now I reset the cast count at each fishing hole I get to so I know when I'm getting close to spooking the fish. I find it very handy.
Shubbies also level with you while you are fishing. They gain 1 xp per cast themselves and at certain amounts of xp reach different levels or ages in their development. Here's a great site with the chart showing the stages of development. http://www.goldtokens.net/oldwiki/index.php/Leveling
Shubbies do not breed the way most breedables do. They split, or have a baby without a partner. The do this 3 times during their life. The first time is upon reaching level 32. They then will split again 10,000 xp after that and then once more another 10,000 xp after that. You can choose to sell or keep the babies they create. If you keep the baby remember that only one shubbie can be active at a time. Also once you have worn and bound a shubbie to yourself it is no longer transferable.
Personally I wasn't going to get a shubbie but I kept seeing them and being SO tempted. My husband wanted one so he got himself a green from someone in world who had just recently had one split. I watched him go from 5000 xp behind me to almost catching me in less than a day. That did it, I had to have one. So now I have my green shubbie as well.
Shubbies are a lot of fun. Mine keeps me entertained and motivated because I want to get her leveled. I'm very happy that I chose to spend the linden and get her.