The area is fine, it was never seedy like Times Square was, and is comparable to the TS of today. There is a red light district nearby but it is all in chinese and no english signs, so you might not even be aware of it, and it is mixed in with some very interesting and cheap shopping. Real bargains like eye glasses for 1/3 the US price (and high quality) as well as lots of clothing (at all quality levels). I rather like Mong Kok, it gives you a sense of being in a city that is Hong Kong and not New York. Langham is a well established hotel chain that is trying to become famous for luxury (another peninsula chain), they have bought a bunch of hotels around the world and are upgrading them, and the Mong Kok Langham is supposed to be their showpiece. So it is quite a bargain for luxury hotels.