I've been living in Shanghai since Aug 10 and this is the only travel guide I bought, and have needed.
The 'Sights' section does contain all the major landmarks, and having visited the majority, would say the guide is generally accurate in its assessment. The guide is split into section by city area and I do agree with other views I've read that grouping everything (sights/eating/drinking/accomodation) together for each area is more conveneint for referring to maps. The maps themselves are accurate and with Chinese characters for roads etc which is useful for taxis and navigating by foot. The enclosed subway map is up to date and reasonably scaled compared to local leaflets. The 'excursions' section contains a good map of Hangzhou (1h by train) which was all I used there also, along with other relavent local information.
Overall an extremely worthwhile purchase for those staying for a longer period in Shanghai.