Hi Ngaire,
I am only ever there on business so I tend to stay in big hotels. Do you want to stay on the Pudong side (financial district where the outrageous new buildings are) or the Bund side (older waterfront side but still lots of new construction)? It's easy to get around no matter where you stay. I generally stay at the Grand Hyatt - the world's tallest hotel - which is in Pudong. You can get pretty good rates there most of the time. The Renaissance may be a little less expensive but not nearly so entertaining. On the Bund side, the Westin is very nice and quite convenient. If you are looking for hotels around the PANDA time frame, it may be difficult to find a bargain because of the Formula One race. China's big cities are quite expensive these days - especially Beijing with the focus on next year's Olympics.
Enjoy your trip.
Mary Ellen