Well, we are doing something about it...leaving!!!
Today is the last day in Hong Kong for our family. After enduring the pollution levels of last winter (and this spring which hasn't seemed to improve greatly) we are moving the kids to somewhere safe and clean, never to return.
Hong Kong does have some great things about it which lured us here, but all the $$$$ in China (not that we were receiving much!) wouldn't keep us here subjecting our kids to this air. Everyday we just grew more depressed with the air quality. It affects your day to day life in so many ways.
Reading other people's opinions on this thread it is good to see that many people feel the same way. Subjecting delicate developing lungs and bodies to this environment was something my husband and I were not prepared to do to our kids. The long term effects of growing up in HK in 2008 pollution levels will only manifest themselves in later years.
The local government has NO genuine interest in reversing the accelerating problem of air quality. It seems that brown skies mean more profits so they are happy to continue on with business as usual.
It's ridiculous that Hong Kong has become a place where there is great demand from people willing to pay $13000 for a proper effective air purifier. We bought two as soon as we moved here, but they didn't cost that much then - the importer is completely gouging and preying on the health concerns of people.
We have made wonderful friends here and we don't have regrets about our original decision to pursue a career in Hong Kong. However, if we knew then what we know now about the air pollution here, there is NO WAY in hell we would have moved our family to HK.