Also late to the debate, but would add two quick things:
[1] HSBC Prem has been relatively good to me, but variable and the variance seems to be based on who the account manager is. First one was excellent, second mediocre, third cloo-free but harmless... none have been bad and at no point have I gotten screwed or been given worse service than would be the high-street norm (a low bar, admittedly)
[2] conditions for HSBC Prem to be free are not onerous-- and if it's a free bank account then there's no downside to opening it along with anything else you do with finances, only upside if you get lucky with one of the better account managers