I have been using mysql on shared hosting for a while mainly on informational websites that have gotten at most 300 visits per day. What I have found is that the hosting was barely sufficient to support more than 3 or 4 people on the website at one time without it almost crashing.
Theoretically i think shared hosting with most services could support about about 60 users per hour max efficiently if your users all came one or two at a time. This would equal out to about about 1500 users in one day. This is highly unlikely however because alot of users tend to be online at certain times of the day and you also have to throw in the fact that shared servers get sloppy alot due to abuse from others on the server.
I have heard from reliable sources that some vps hosting thats 40-50 dollars per month have supported 500,000 hits per month. I'm not sure what the websites configurations were though, i doubt the sites ran many dynamic db queries or possibly were simply static.
One other thing that is common on shared hosting is breaking up the file managers with the database hosting. Sometimes your files will do well appearing online but the database that runs your actual website will be lagging extremely due to abuse from your neighbors.