Having spent the past 4 weeks in SH with a friend that likes to go out almost every night, I'm now up to speed on the current situation.

So, here's the run down:

1) Velvet is great, but only after 1a and you really need to get a table.
2) I really hate Mint (round of drinks will set you back $50+ and the crowd is kind of silly), but it's a necessary evil for those aspiring to network in SH; good music, great view, shark tank.
3) Apartment (on Yongfu Lu near Fuxing Lu) is popular now, and there are a few other good places in the area (e.g. Rum Bounty and El Cocho (sp).
4) if you don't want to drop $100, Windows underground is still okay
5) Constellation #2 is a nice place if you like Japanese whiskey and want to chat. You can get a decent bottle for y900.

I don't think people go to the Bund places any more (at least not my friends).