Bob and I discovered an awesome teppanyaki place in the old french concession in Shanghai that's pretty good. We had walked past the place a couple of times on our way to Pub Quiz night, and we were so happy that we finally tried it. For 160RMB (less than $25USD) you can have all you can eat teppanyaki, and they have a variety of sashimi platters as well. Every single thing on the menu is available as part of the all you can eat special, including drinks. As far as I'm concerned this is the best place for a good meal for a really reasonable price.
We typically like to order the sashimi platter as a stater with; salmon, tuna, some kind of white fish and octopus. The wasabi that comes with the sashimi is a little tame, not nearly as spicy as I'd like but the quality of sashimi is pretty good. We then order about a million pounds of meat. They have an amazing steak fillet covered in butter and garlic that we always order. It's lean, and cooked just right and melts in your mouth. There's also: salmon steak, scallops, garlic fried rice, beef wrapped asparagus, and a variety of vegetables. And then we always finish off the meal with fried bananas and ice cream!
This last time we went the guy in charge of cooking the food was being lame and complaining (in chinese). Apparently he was annoyed that he had to actually do his job. Anyway, it turned out we were sitting at a table with 4 Dutch Hotel Students. As in, they're studying hoteling and other fun things like that. One of the guys at the table got up and fried our bananas, it was pretty awesome. The wait staff was waving their arms and going "noooo" but the guy did a great job. I'll be uploading the video on facebook, so look for the video.
If you have the chance you should definitely check out Natural Point. It's in the old french concession near Dongping Lu and Wulumuqui Lu down the street from the BullDog Pub. They've gotten pretty popular so reservations are recommended, and if you have more than six people you should request a private room because the service is excellent if you have a private room.
Run, go, be swift, go to Natural Point!