Seriously guys, take everything you read on PPrune with a pinch of salt. There are good and bad things about Hong Kong, and if you can learn to adapt to the negatives then you may end up loving it.
Firstly, people like Dan Buster and Chinabeached are the last people in the world you should be listening to. These are seasoned 'old timers' that are so out of touch with the real world that their opinions are just beyond irrelevant. Unfortunately, these are the guys who joined in the golden era and feel entitled to insult anyone who joins on lesser contracts than them. However, it's still rather comical to find these 'seasoned veterans' sitting on their supposed gold mines whingeing away on PPrune day-in day-out...and it's because they have no one and nothing else to do with their life. Their third wife has already left them, they're feeling lower than low, and the only remedy to their loneliness is to come on PPrune and insult everyone. It's getting old...!
I'm not going to lie, Hong Kong is a difficult place to live and after spending 5 years here I am ready to leave. However, that's not to say it isn't for everyone as my reasons for wanting to flee are mostly non-financially related. I'm a year 2 FO at the other "dreadful airline" and all-in I get around $100,000HKD per month. I'm not too sure what the HKA package offers but I assume it's relatively comparable. I'm married, no kids and with tax at 15%, a decent flat (2-3 bedroom, 600-800sq') costing around $20-32K in rent, it's not all too bad. For me though, the most difficult aspects of life in Hong Kong is the daily living. For example: living in such close proximity to everyone else, having to deal with smells and noises you may not be used to, having to listen to the Chinese people hock, burp, fart, slurp almost everywhere is just intolerable. I miss the fact I can pick up a phone and get something sorted without having to go via three people, each as clueless as the other, just to hear "sorry cannot". The list goes on but I'm not going to bore you with it all. Basically, adapting to Chinese customs is something you need to be able to do...and that's easier said than done!
Regarding expenses, house prices are so expensive that I can almost guarantee it will be too expensive for you to buy into. A 4-bedroom house in Discovery Bay with a garden will cost around 30+ million (look here if you don't believe me:
Buy & Rent Homes - Squarefoot - Hong Kong Apartments, Homes, Real Estate for Sale). Imported food is quadruple the price it is back home. Schooling is ridiculous with the better schools having limited spaces. Debentures have therefore gone through the roof and it will be out of your reach unless you're joining with already very deep pockets. I personally don't find bills too expensive with my gas, water and electric coming in at about $1,000 per month. Cable TV is rubbish but the internet is fast so a good VPN will give you access to all the stuff back home. If you chose to have a car, fueling it and finding a place to park will be your biggest issues as used cars are pretty cheap. The transport system is great though so you probably won't need a car unless you live on South Lantau or out in the New Territories.
If you plan on moving to HK with children then you really need to think hard about this, and I personally think Hong Kong may not be the right place for you. It will require a huge amount of sacrifice from yourself and your wife, which ultimately could lead to unnecessary strain on your marriage. However, if your current job has a whole host of other problems then it may be a no brainier for you.
At the end of the day, we're all adults here and you ultimately need to decided what's best for yourself and your family. If you're coming as a single guy to get a free type rating, some experience and then run, it may be a great deal. If you plan on having a future here, buying a house and raising a family, then I think it will be out of your reach on the current offerings.
Good luck to you all