The hotel has a nice breakfast buffet, huge selection of food. It's comp to plat members so I don't know the price. I had dinner at the restaurant as well, decent food and very reasonable price. I think I paid about $12 for a set dinner, south east asian style. A local Chinese restaurant I can recommend is Sujiahui(苏家汇), next to St. Regis. It serves local Shanghainese fares and quality is excellent. The restaurant's setting is also nice. Price is middle range. There is a shopping area called Babaiban (八百伴）. There are many shops and restaurants in this area, catering to the locals. If you want steak, I can recommend Wang Steak. The cooking style came from Taiwan, not the typical American steak you would expect. They have a website that you can check out. It's a 5-10 min taxi ride from Sheraton Pudong.

http://www.wangsteak.com.cn/index2.asp