+1 on WP SuperCache and CDN for shared hosting enviros.
By the way, I think both WP Super Cache and W3 Total Cache are incredible and excellent, so I have no bias whatsoever against either - it's just that presently, again: for shared hosting situations, WP Super Cache together with the self-hosted CDN option (make sure you also use extra subdomains in the "Additional CNAMES" field, like cdn1.example.com, cdn2.example.com, cdn3.example.com) is a solution that can stretch your traffic a long ways and is slightly easier to get and keep working.
In addition to the earlier great suggestion to also use the WP Minify plugin (i.e. together with WP Super Cache) also look into the oft overlooked WP Widget Cache plugin: as the name suggests, it is very helpful if you have widgets in your sidebars, and you can activate and tweak caching duration on a per-widget basis, and best of all, it works like a charm with WP Super Cache.
Finally, a tip which steps outside the realm of caching and instead looks at the volume of traffic itself, i.e. a wholly different approach: look into the (free) CloudFlare service. That is a reverse proxy type filter based bad bot blocking service, which essentially cleans up the traffic by eliminating most of the bad stuff. Oddly enough, that service works better with W3 Total Cache! If you go with the free service mode, the CDN issue becomes practically moot, as CloudFlare already does a lot of caching transparently for you. Again, that's a different approach, but it may be just right for you.
It'd be neat of WP Super Cache also supports CloudFlare, then again: it's tried and tested to work very well with W3 Total Cache already.