Just returned from Shanghai and can vouch for the food at:

Club Jin Mao: Beef with Crispy Taro, Twice Cooked Duck Shanghai Style, and Pan Fried Noodles all delicious. View fabulous. With one glass of wine, Perrier, two Cokes, and service charge, about $US75 for two.

M on the Bund: Foie Gras, Salt-Encrusted Lamb, and Fresh Tuna with Pasta also all delicious. View fabulous. With three glasses of wine, San Pellegrino, three Cokes, one dessert, and service charge, about $US115 for two. I think I like the atmosphere at M at the Fringe better, as it seems a bit more playful and relaxed, but I didn't find M on the Bund overly-stuffy as some others have remarked.

All the guides, including Zagat, note how expensive these two restaurants are but I thought dining in Shanghai was a very good value, especially compared to Europe. I was in Amsterdam and Rome in November and it was much more expensive for comparable or lower-quality meals.

We also had lunch at Sichuan Court in the Hilton and thought the food was excellent (and again, a good value).

Bon appetit!