If you went to live in Discovery Bay in your first year as an SO you would be absolutely nuts, what an expensive place to live. What about Lantau island? You can get a reasonably sized 2 bedroom flat for 10,000 a month at the upper range. Share that with another cadet and you're fine.
If you're single with no dependents then the cadet program is incredible. Remember you get paid for duty flight hours as well, and that the new salary pay rise is really quite good for SOs.