Last year’s 11/11 sale on Taobao broke sales records ($3 billion in sales in a single day) and I expect this one to exceed even that. About a week ago they updated the Taobao iPhone app to show 11/11 on it, and whenever you go to Taobao itself everything is covered with ads about that day.
I went to Uniqlo at Chunxi Lu today to buy some things and I gotta say, online is really the way to go. Skip the crowds and all the traffic.