The Sheraton is a crummy hotel; the Sheraton Towers is an excellent hotel. Never the twain shall meet.

The IC Honk Kong is the former Regent. Fallen from its past glory (as one of the finest hotels in the world) but still excellent. The IC Stamford is also in Kowloon and should be avoided at all costs. Don't confuse these 2 hotels!!!!

The island is more English while Kowloon is more chinese. For a tourist the chinese part is more interesting, plus you get a view of the island (which looks much nicer than the view of kowloon from the island). Most of the better hotels are on the island, along with the expensive restaurants, bars and shopping. The cheap versions of these are in Kowloon. Much more interesting to a tourist, cheaper and more exotic. But the 2 are minutes apart, so doesn't really matter where you stay.

Some hotels have special honeymoon packages that are quite lucrative. Might be worth checking that out in the equation. Langham does, for example, and I bet Langham Place would be the most lavish for your dollar (but the location is a bit edgy for a new bride unless she wants red ropes from the ceiling).