The salary makes a though living in HK indeed. Specially if you got kids!Why not try Dragonair? As they have a slightly better package, or even HKE you might jump as non TR into a 330. Quick upgrade? Hello!!! There are many qualified people waiting in line, some for several years, and DEC are still being hired.
On the other hand life in HK is pretty good. You will hardly experience another place where, as an expat, you be respected, and feel as free and safe as HK.