In the end it's not much different from living in Clayfield Brisbane or Essendon Melbourne. They're both suburbs close to the Airport. If you don't want to meet people from work don't sit around on Racecourse road all day. Same goes for DB if seeing people from work bothers you don't sit around at the plaza. Personally I see people from work socially if a want to or lay low at home. If you want to go out just jump on the ferry and your in Central in 25 mins.
If you have kids it's a good option. Remember a happy wife is a happy life.
As far as pollution goes, you still obviously get the China wash down pollution but you do miss out on the roadside diesel stuff from the 14000 diesel buses running around HK. It is "cleaner" but obviously not always clean. If you don't have kids or a dog don't bother. But if you do and you want a big back yard, close to work close to central it's not too bad.
Everything in Hong Kong is a bit of a compromise. There is no perfect spot.