We had 5 Tables recommended as a restaurant a small walk away from the tourist trap of the restaurants, and so the prices were kept to sensible levels.
The owner/head waiter is very attentive and extremely knowledgeable on western food, plus, his English was perfect. The food is classic Bistro style cooked in a kitchen, within earshot, to a very high standard - my medium rare Aberdeen Angus steak was cooked to perfection, and the wife's mushroom soup was tasty and fesh.
As was recommended to us, I have no doubt you'll have a great experience, and if you're an expat living in Shanghai you'll spread the word.
Also, for those wanting to take your own wine he adds 10% to the bill, although, his wine selection was also very good and affordable.