Basically, Hong Kong is a grave yard of broken dreams, misery and divorce.
Unless you've got a housing allowance of 50-100k HKD per month, it's going to end in tears. If you're lucky enough to have a decent housing package, you can be comfortable as an expat, and it might indeed turn out to be rewarding experience for a few years.
With a housing allowance in that region you can have a large apartment, suitable for a family, in DB, Mid Levels, Tung Chung, or a house in SaI Kung or Clearwater Bay. I would personally pick Sai Kung, with a house and a car if I were in that position.
The next problem is the education costs for the kids. It's insane.
Many of my colleagues have decamped to Phuket in the last several years, commuting to HKG, benefitting from the high salaries and housing allowance, whilst living in a location where everything is 75% cheaper. Excellent schools as well.