I have been traveling to shanghai frequently over the past four years.  My hotel experiences have been many, including the shangri-La, Oriental Riverside Hotel, Grand Hyatt, Purple Mountain, etc. 

However, I now exclusively stay at the Eton Hotel (www.theetonhotel.com).  The primary reasons are that the price is reasonable and the staff is pleasant.  Convenience was a strong factor in deciding to stay there initially, but location is not as important now.  Another plus is that most of the staff speak enough English to assist any westerner.

I highly recommend this hotel.  Feel free to contact me if you have questions about it.