The Shangri-la resort is excellent. Frankly, it's just beautiful - the pristine beach, the layout of the new room and villas. Definitely a 5-star experience although you will notice tiny, tiny details that make it not quite at the top of my list of 5-star luxury resorts. As much as I'm raving about the resort itself, the restaurants are okay. Good, not great. Do make it out of the resort though - strolling along White Beach or getting a massage at Mandala.
I also found this guide helpful for anyone traveling to Boracay: