One more data point. I am staying at the Eaton right now. I find this hotel to be very good value for money and if you book far enough in advance discounted rates can be had on their website. If booking on the Eaton website in the dropdown where it says Best Available Rate pull the menu down. The 2-night and 3-night discounts make up for the Hong Kong room tax. Also, the Eaton is on the ipass broadband network which makes surfing very convenient if you use that service. I've stayed at more than a few Hong Kong hotels in the $100-120/night range and the Eaton is the best one that I've found.

Another option, if you want to go even lower budget than the Eaton, is Bridal Tea House. I stayed in one on Li Tak Street a few weeks ago. Very very small rooms but everything is pristine and broadband is included in the rate (I didn't try to use it). Rates are HKD500/night including tax. Another is Central Park hotel near Shueng Wan. Decent enough hotel but didn't like the area as much as I like Jordan. The Comopolitan sometimes offers good rates but, again, I wasn't wild about the area as its near Happy Valley race track.

I looked into the JJ Hotel near Wan Chai but never stayed there. Gets good reviews and is very affordable. Book at asiatravel.com for very low rates.