hong kong kicks ass. i've been there several times...
they have one of the best public transportation systems i've ever seen. the subways are so new and clean, you'll laugh at most other cities attempts at them. use them alot, relatively cheap and very easy to use.
there is lots to see and do...one of the best things is the shopping. if you want to buy some gifts for people, especially a lady friend, go to the jade market. its on the kawloon side of hong kong (thats the mainland part, hong kong itself is an island). there will be lots of other places you can go though, you can get very cheap softwear and knock off designer stuff. i bought a pearl necklace for my sister at the jade market (which they make by hand)...i paid 60 bucks canadian for it. we had it appraised when i got back; the appraiser said between two and three thousand. Another great place to shop is the Stanely market. it gets packed during the day, so go early if you want to move around a bit easier.
you can go up on the peak tram to victoria peak, which has an amazing view of hong kong...definitely worth it.
also, if you have some time there, take half a day and go to Shenzhen, which is about a 45 minute train ride. to get there, you cross into china, so you need to apply for a chinese visa before you leave, cause it takes about a week to get one. since Shenzhen is in china, the copywrite laws pretty much go out the window. you can buy dvd's for a dollar or two in the mall right near the train station. you'll get into this big mall complex, go to the third or fourth floors and ask around for "dvds". someone will point you in the direction of groups of kids who sell them in stores (its technically illegal, so its a bit underground). just make sure not to buy dvds of movies that arent released yet (as you'll likely be getting copies of people recording them in theatres). but you can ask, they'll tell you if its a good copy or a recording.
hope that helps a bit...