Great Stay
To find a mid-range budget hotel in HK is pretty difficult. Seems Island Pacific Hotel is my favorite choice with reasonable rate and comfortable stay.
The room is not very big, but pretty big according to Hong Kong standard. Room is clean and quiet, given high-floor with half city and half harbour view.
Double bed is really double bed size(180cm) and comfortable. Equipped with LCD TV with some cable channel, definitely a great stay. Broadband Internet connection is provided (wifi/cable). Not to mention each room comes with iPod/iPhone Dock for easy charging.
Bathroom is pretty basic, with small bathtub, comes with standard amenities.
Guest services are pretty good, I got no problem from check-in till checkout.
Hotel surrounding is residential area, so everything goes quiet after 9-10pm. Nearby you can find many small restaurants and minimarket.
Tram route just pass this hotel nearby (stop between Eastern and Centre St), with HKD 2 you can get to nearest MTR (Sheung Wan) or to Central.