FLC OF MLG DISREGARDED WIND SHEAR AND MICRO-BURST ALERT WARNINGS FROM THE TWR AND CONTINUED LNDG.

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FO WAS PF. HE WAS MAKING AN APCH TO RWY 26R DEN PLANNING FLAPS 40 DEGS. ATIS WAS ADVISING LOW LEVEL WIND SHEAR ADVISORIES IN EFFECT. VIRGA WAS OBSERVED FROM CLOUDS IN THE AREA. PASSING ALTUR (FAF RWY 26L) TWR ADVISED. 'LOW LEVER WIND SHEAR ALERT.' ACFT RPTED 30 KT LOSS OF AIRSPD ON RWY.' I TOLD FO TO PLAN FLAPS 30 DEGS AND SELECTED REF PLUS 10 AS BUG SPD. PASSING 200 FT AGL TWR ADVISED MICROBURST ALERT. MY FIRST REACTION WAS TO ORDER FO TO GAR; BUT AIRSPD WAS REF PLUS 15 AND WE WERE IN A GOOD POS TO COMPLETE THE APCH. DURING ROLLOUT WE ENCOUNTERED THE SHEAR. AFTER SHUTDOWN WE DEBRIEFED AND I COMMENTED THAT WE PROBABLY SHOULD HAVE GONE AROUND. FO SAID HE THOUGHT IT WAS MANDATORY. WE CHKED FLT OPS MANUAL AND FOUND IT IS MANDATORY. I HAVE LEARNED A LESSON. I THINK DURING RECURRENT TRAINING MORE DISCUSSION OF ATC PHRASEOLOGY SHOULD OCCUR. WHAT IS A 'WIND SHEAR ALERT'? WHAT IS A 'MICROBURST ALERT'? WHAT DO THEY MEAN TO THE PLT? WE HEAR TWR ISSUE WIND SHEAR ALERTS OFTEN AND I THINK A LOT OF PLTS BECOME; OVER A PERIOD OF TIME; LESS SENSITIVE TO TWR ISSUED ALERTS.