I have done a fair bit of hotel hopping in HK, and wanted to mention some low budget transfer options for LM Cyberport to other HK Starwoods. It's surprisingly easy, although obviously not quite as convenient as hopping between adjacent hotels.
LM <--> Sheraton: The LM has a shuttle to/from HK station, leaving the hotel on the hour and HK station on the half hour. From HK station, you can walk to Central station, and take the MTR Tsuen Wan line, 2 stops to TST, then walk to the Sheraton. Total duration about 40 minutes, cost HKD 9.70. Note that there's quite a bit of walking involved.
LM <--> W: Two options, LM shuttle plus one stop on the MTR Tung Chung line (HKD 9.70), or bus 970 from Cyberport to Western Harbor Tunnel Toll Plaza (HKD 11). The former option is preferable, as the entire walk is air-conditioned. Duration about 30-35 minutes for the MTR option, 45+ minutes for the bus.
Taxi from the Sheraton to LM will run about HKD 175, and can be as quick as 25 minutes, but can also take an hour if traffic is atrocious. Never took a cab from W to LM, but would expect it to be around HKD 150.
I've done this transfer a few times this summer, and even with the 2000 point BRG bonus (and a super low BRG rate of under HKD 1000 at LM) and the targeted promo, I'm not sure if it's worth the hassle to earn about 4000 Starpoints per LM stay. I'd happily do it for 1/2 FFN, though, if that promo ever comes back.