It depends upon where you play really. Most places will say that the deck/shoe is shuffled before each hand is played. The only one I know of off the top of my head that plays into the deck like a land based casino is at global player casino. You watch the discard pile grow until it reaches whatever penetration point they've set, and then you'll see it suddenly disappear. At that point you're starting with a new shoe.
If you are not counting cards, It is in favor of the player but the advantage is too small to be noticed.
Basic strategy assume no penetration for the cards. Since the casino shuffle after each hand, it's the perfect situation for basic strategy.
You only alter basic strategy when you are counting cards.
For more insight. read what gamblegirl has to say in WOL:
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