yo...I went to Osaka & Kyoto in July...
Accomodation - i stayed at a little hotel called Rinkai or something, you can try to find on the Internet. Accessible via underground, only one stop from Osaka main station. Only 100+ (less than 150) per night. Alternatively you may check out the hostels there.
If you are travelling from Osaka to other parts (eg: Himeiji), better to get a Japan Rail pass - cheaper than paying for individual trip. Can get from Takashimaya upstairs - cost about 100+ for 5 days. This allow you unlimited travel on JR lines in Osaka. do note the limitation though - not applicable for the bullet trains and not applicable for underground (METRO) within Osaka, but generally useful.
Shopping - there is a huge shopping centre above Osaka main station (not Shin-Osaka but Osaka) - 13+ storeys of shopping. And, the electronics is really cheap there, that is if you can bear with the Japanese menu & interface. A PSP cost only about 200+ and digital cameras are real steal. Clothes are also reasonable. Also, if you are prepared to walk, there is a new building which you can take a peek of the Osaka skyline from the viewing gallery.
Then there is the Osaka aquarium - accessible via metro from Osaka main station, the aquarium is large - 4 storey high and the main attraction - a whale shark. If you don't mind the hefty entrance, its worth a look. Around the same area, there is a giant ferris wheel - the tallest in Asia I think, quite a sight. there is also a shopping centre near the aquarium where there is a Octupus ball museum - which many stalls selling nothing but octupus balls that you find in the outlets here in Singapore.
Of course, there is the Universal Studio at Osaka, accessible by train and if you are lucky, you can ride on a special train painted out in Sesame colors.
other places that I think is quite worth the visit - Himeiji castle, Kobe, Kyoto if you have time. The railpass will come in handy if you are visiting the above.
Food wise, they are abit on the high side, thats despite me restricting myself to those simple ramen, it still cost about S$4.00 per bowl....but if you are of legal age, you can drink yourself silly from the vending machines ~ the beers are cheap ~ S$ 2 plus can get a big can...
