Just to bump and update an old thread, I lived and worked in Minhang for 3 years. Xinzhuang is, as Raoul says, very well connected transport wise, and has a lot of new, relatively upmarket housing. Several of the teachers at my Uni lived there, and we visited frequently. Also, the light rail connects to the more distant reaches of a huge local government area, which is essentialy what Minhang is.
Yes, the Xinzhuang metro station is the connection point between line 1 (North-South through the center, including both the main & South railway stations) and line 5, out to Southern suburbia. Since it is the end of line 1, your chances of getting a seat are better than at other stops.
Further out, close to the river bend, you are close to rural China, just a 5 mao ferry ride away. I lived on the city side of the river, and loved the small city feel of the area. It was interesting and vibrant, and prices were nothing like more upmarket areas of Shanghai.
The mildly prestigious Jiaotong Daxue is also in this area, with all the perks of good cheap food, CDs/DVDs, music instrument stores etc.
I live out there, working at Jiao Da. This area has much cheaper housing. I have a large two bedroom, quite nice, for 2600. Before renting it, I looked in the Xinzhuang area because that would be much more convenient for going downtown. Prices were much higher. The cheapest I saw was a small two bedroom at 2800; the other extreme was a gorgeous one bedroom place at 4200.