Spent a month or so back in '02 at the JW above Pacific Place. What a great hotel! You can lounge hop between the JW, Conrad, and Shangri-La which all have superb buffetts and cocktail lounges. They are all joined by Pacific Place and MTR Admiralty station.
After staying months in various hotels in HK that year, I found Pacific Place was the best location for numerours reasons. #1 - for how crowded as Hong Kong is, Pacific Place seems to have more room to breathe than most areas of the city. #2 - no hookers walking through the hotel disguised as someone looking for their friend, like the Excelsior. #3 - Exceptional Restaurants galore #4 - Designer label shoppers heaven.
You must head out to the pool and have margaritas and a salad for a light lunch. Then you are walking distance from great above ground shopping, and of course a plethora of options by taking the elevator straight down into the Pacific Place mall which has Gucci, Prada, etc.. all the high end stores. (of course they do... Hong Kong has Gucci stores like Los Angeles has 7/11's)
Want a quiet place to grab a good Boddington's? Go to Madison's in the mall. Nice little restaurant/bar.
Best french restaurant in the city - Petrus - top of the Shangri-La. Also, try the lounge across the hall - Cyrano - for an hour or two after dinner. Best city views from the 56th floor.
My vote is definitely JW at Pacific Place, as you can probably tell.