Are you asking if different uses of the shortcode (querying different types of content) can be displayed in different ways?
First, you have a quite a few display options in the shortcode itself, like include_date, include_excerpt...
But there's also an output filter you can use to customize the actual output. For instance, if you're listing upcoming events, you might want to include the event date and location. Use the 'display_posts_shortcode_output' filter to modify what is output. Example: http://www.billerickson.net/code/display-posts-shortcode-additional-fields/
You could add your own attributes to the shortcode and use that to determine how it is customized in the output filter. For instance, [display-posts template="event"]. In your output filter, check if ( isset( $atts['template'] ) && 'event' == $atts['template'] ), then do whatever customizations you'd like to it.
Is that what you were looking for, or something else?