This time I arrived in Shanghai, I was pretty underwhelmed. Other than the simplified characters all over the place, it seemed pretty much like a big version of Taibei or Tokyo since almost everything you can find its english version.
While cheaper restaurants, i.e. road stands, were much cheaper that those in Taibei or Tokyo, upscale places cost a bit more. In general, drinks in Shanghai cost from quarter to a third of what they do in Tokyo.
There were quite a few nice things in Shanghai, besides the prices. One big one was the sidewalks. Usually, in Taibei, sidewalks are narrow, cluttered with illegally parked scooters, and built at a different height in front of each building. In Shanghai, they were level, wide, and uncluttered. "Walking was a joy."
The selection of dining, both Chinese and western, in Shanghai was also far better than anything I've seen in other places in Asia. They had authentic foods from every province, great western restaurants, and some a decent Mexican restaurants.