We had our first child in Hong Kong and had a very good experience using public hospitals for the entire process. Before you all start calling me cheap - The Wife (a doctor) of a colleague was pregnant at the same time and did extensive research regarding equipment, etc. She asked all the right questions and it turns out that if something goes wrong at the fancy hotel like hospitals, they transfer you to the public hospital anyway as that is where all the emergency equipment is.
That was enough for me. The staff were not only very good at what they did but very pleasant and helpful too.
Another friend had her first child in Canada and the next in Hong Kong and said that she preferred the HKG experience!
There are obviously other stories out there that are not so favourable but everyone we know has had a good run in the public system.
W2