We went down to Mercado 28 a couple of times on our recent trip to Cancun. It is definitely cheaper to shop there for most things but you really have to be aggressive about bargaining and be prepared to walk away if you don't get the price that you want.
The vendors will all hound you to come into their stores. Just keep on walking and say "No thank you" and they will back off. Do not for an instant act weak. If they grab you and try to pull you in firmly say no and keep walking. - This does not happen very often.
The vendors will try to overcharge you for everything so never pay what they ask first. Always bargain with them for much lower prices and walk away if they don't give you the price you want.
ALWAYS ALWAYS ALWAYS PAY IN CASH!!!! NEVER USE YOUR CREDIT CARD WHEN DEALING WITH STREET VENDORS.
Know what the exchange rates are and don't let them fool you with their calculator math. If you are a good bargainer then this is a great place to go to haggle for the best prices in Cancun.
This is also a great place to eat at any of the restaurants that are in the center of the plaza. The food is excellent and the prices are cheap. Take the bus there never take a cab. Its a bit of a ride but it is worth it.
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