Don't be fooled by the name - the hotel itself is far from Magnificent!
What it does have going for it are two key things: price and location.
I booked through a travel agent in Australia and paid $55 per night including breakfast. I think you'd be hard pressed to beat that and still be so central in Shanghai.
The hotel is quite central to everything - close to the metro if you want to see the city that way, but close enough to walk also. The People's Square is a 5-10min walk north, and Old Shanghai/Yuyuan a similar distance south then east. I also waled from the hotel to the Bund and To Nanjing Rd, although this is more for those who like to get a feel for a city by pounding th pavements.
The hotel itself is adequate. Mattresses are quite firm but that's pretty common anywhere in China. Rooms are decent but nothing special. Elevator is quite slow so while I enjoyed the view from the 19th (top) floor, at times it was a frustrating wait to get out. Breakfast buffet is fine, but nothing to write home about. The Chinese options are probably better than the Western ones. TV in the room had about 70 channels, and a any time I seemed to be ale to find 2-3 in English, but had to go searching because they varied! Best tips are channel 11, and somewhere between 48 and 58.
Reception staff: it seemed that there was always one person working who could speak English well enough, but only one, which often meant waiting for them to deal with a queue because other staff are reluctant to help non Chinese speakers.
Internet is available on a few computers in the lobby for free.
If you're planning to arrive by taxi, make sure you print the hotel name and address in Chinese characters to give them!! Even then it didn't seem well known, but it is on a well known street so if you know the number you can help them figure it out. The hotel will give you cards with the address in Chinese to use once youre there.
