Today there is fierce competition in Shanghai, and it will get more intense until World Expo 2010 opens on May 1. Your timing is perfect. More hotels are opening, adding thousands of rooms to the Shanghai oversupply. See the essay here for tips on saving money. Book only two weeks in advance: tripadvisor.com/Travel-g294211-c115805/China…
Depending on your need for amenities and luxury, you can get a perfectly acceptable room, budget category, for around US$50-60. Only expensive thing about some hotels is the charge for internet service. Look for free service, as a few hotels charge more than US$15 per night. Also, get "breakfast included" or a breakfast-rate package.