Caught a morning train from the central Saõ Bento station to the main (but way in the East of Porto) train station Campanhã. From there caught the train to Lisbon.
After calling all the hostels, hotels, and pensions in my guide book I started to think I might be in trouble. None of them had any open beds, and none of them could suggest someplace that might. Starting to worry I went to the tourist booking office, where the lady first laughed at me then started calling. She found a place somewhat near the center but they wanted 12,000 Escudos a night for three nights minimum (about US$70/night) in a pension! She told me she couldn't work miracles, but kept on calling, and finally found a room in a pension for a mere 5,500 Escudos a night (~US$31). The room is very small and basic but reasonably clean with a shared bath in the hall. Far from the nicest room I've had in Spain or Portugal, but definitely the most expensive.
The city is just packed with people. Mostly tourist here for Expo '98. I think I'll probably keep my stay in Lisbon to a minimum. Right now I'm thinking one day for the city, one day for Expo, and one for a day trip to Sintra on the coast (think beach, castles, beach, and more castles also probably lots more people).