Remember that Feb 18th or thereabouts is the beginning of the Chinese New Year 2007. Hotels may be hard to find and expensive at that time.
Having said that, I think the Island (Hong Kong Island) is the best location wise, although it really won't make much difference given that the transport infrastructure here is very, very good.
Try the Excelsior in Causeway Bay for a "crew rate" - great location and it's got SQ and BA staying there I believe.
Must sees are The Peak, Wanchai, Causeway Bay (at night), the Mid-Levels for the pubs and restaurants, Lan Kwai Fong (same), Lion Rock (if you're a tramper and have the time), the Buddah and the Gnong Ping 360 cablecar. Take a 50p ride on the Star Ferry across Victoria Harbour at night, catch the number 6 bus from the Stock Exchange basement to Stanley (past Repulse Bay)...sit in the front row, upstairs. Shopping at Stanley for the missus and hit at least one electronic area like Mong Kok for you.
Eating - anywhere. It's all different, all good, and all safe. If you want a really "different" experience, try one of the outdoor seafood "restaurants" in the Ladies Market (at night) in Yau Ma Tei. Cheap as chips and unforgettable.
Be prepared to spend way more than you think, but have fun.