Can't really vote on the Macau vs BKK. My only thought on that is the transit time to Macau vs BKK ... I don't recall the flight from HK to BKK but I'd expect the transit time to eat into your pleasure time.
HK hotels...I've stayed at the Luxe Manor (fall 2008) and it's a pretty chic boutique hotel. Rooms are small but very funky. Not really MCOT but stylish. I stayed for 4 nights but I wouldn't repeat for anything except a short time stay (one or two nights).
Name: The Luxe Manor
Link:
http://theluxemanor.com/
Face: 4.5/5 (cool lobby and check-in)
Body: 3.5/5 (small rooms and tight corridors but I had big luggage so tough fit and no lube!)
Estimated age of the girl: 2-3 years (didn't ask for ID)
Skill: 4.5/5 (reception and such were very professional)
Service: 4/5 (very friendly and helpful staff)
Detailed account of the experience: See above. IIRC it is across from the Kimberly Hotel.
Conclusion: Not bad but you can do better for the money but not as stylish/au courant.
Overall score: 6.5/10 (For reference...7.5/10 is a harbour view room at the Conrad ...9.5/10 is the Presidential Suite at the InterCon in TST)
In terms of choosing HKI vs. Kowloon I am a HK junky so I'd stay in Central or Admiralty. In either case I'd recommend thinking about Priceline to bid for a room (5*) in either HK Island West or TST. You can get some pricing history and an idea of the probably winning hotel...
www.betterbidding.com. I did score a deal on some nights on HK Island and it ended up being at the Conrad for about US$120 a night for 3 nights. My guess is about $160 for a winning night as I was doing some research for a possible visit next week. In TST it looks like the current property is The Mira (never been).
Have fun...oh and the Mira is key card controlled elevators all day so you will need to escort any visitors...and a very intimate lobby.