Depends on what time you are transiting, but there is plenty to do.

The (Victoria) peak tram is def a must if you have time

http://www.discoverhongkong.com/eng/...ion/itinerary/

doubt i've got the correct way to show the link above, but you can follow what to do in transit, input your arrival and departure and will show you a list of activites, how to get there etc etc

I've only got a 5.5 transit hrs there next month, and I shall just be shopping!