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I visit Bombay every 30-40 days on work, so I still end up visiting the nice hotels and restaurants. But after a while, you realise that some of it is overhyped. No doubt the Golden Dragon at the Taj Bombay is excellent, but the Chinoiserie at Taj Bengal is also quite good, as is Mainland China. As for Theobroma, there are so many bakeries across India that make cakes and brownies which are also very good.
Bombay remains my favourite city in India and it's the closest India can offer to an International city, but if I have to pay Europe-style prices to live there, then I'd rather live in London or Paris :)