There's nothing "wrong" per se with shangtung hats, it's just simply cheaper and easier to produce than a natural straw fiber. I have a Stetson shangtung Latte hat and its served me well.
I would agree with that. I have a Stetson Breakers that I like, it's comfortable and looks good. To be honest, I live in Minnesota and I doubt if 99.9% of the people on the street here would know an authentic Panama hat if it crawled up and bit them.
I also have a natural straw that I bought from Mike Moore and I am in contact with Panamabob about getting a EspiFino 12 or possibly an Espinales Fino 14 ( that would take some thought....).
I don't think they are mutually exclusive. In my mind the straw and the Stetson are everyday hats with the Stetson preferred when it's damp out. The Montecristi would be more for special occasions... in theory anyway, I'd probably end up wearing it all the time....