I'm sorry for replying late to the latest contributions.
My first hotel stay will be only for one day. At the end of my stay i have another 2-3 days.
It is true there are many hotels. I limit myself to the ones that still qualify more of a hotel than a hostel/motel/whatever. I feel i get more privacy this way. I am also in the lower price range, so 1000 HKD is too much for me.
With that said, I also looked around in the adds. I'm going to pick one in TST as there are plenty of options. Causeway Bay also has some cheap nice hotels, but my impression is that it's easier in TST to get my daily needs (including foods, etc.)
So I'm closing this with a thanks to all the great comments about hotels and transportation; youve really helped me out