We stayed at a place called the dragon hostel in Kowloon, check out Hostel world for details. Iwas basic, but everything we needed and Kowloon is in the heart of everything. Its also not a very touristy area so you feel like you are in the real Hong Kong. There are also lots of markets in this area
Walk the length of Nathan road down to the harbour and watch the lights of Hong Kong. Take a star line ferry to Hong Kong island, a must. We also went up the fenicular railway which was good and took a ferry out to some of the islands. We really liked hong kong eventhough its was such a contrast from our previous stop Namibia.