I'm there right now, and I don't think it's worth $1k a night.
Having stayed at the PHS immediately after the Ritz-Carlton Hong Kong, I have to disagree. My wife and I enjoyed our stay at the PHS much more. I admit that we enjoyed Sydney more than Hong Kong so that might color our opinions a bit, but the service we received at the Park Hyatt was more personable than what we received at the Ritz.
To each their own, though.