The decor and service in this boutique hotel are its real highlights, and the location is what makes it a good value, and also why I'd definitely choose it again over a large hotel chain when staying in Shanghai. Also, unlike other newer boutique hotels in the area, they take Amex which is good for corporate travelers.
When I say the service is good, I mean that all the hotel staff seems warm and attentive. What you won't get, however, are the services that come standard with other hotels, like full F&B services. This is acceptable in Shanghai where restaurants open late and there's plenty of good food (both eastern and western) steps away from the hotel. The rooms are cute and very comfortable if you don't mind noise coming in from the hallway or floating up from the street.
I wouldn't recommend the Japanese restaurant downstairs, or if you plan to eat there, don't order the raw fish, which didn't taste fresh.