MTR
The most popular form of transport.
Tourist Day pass.
It cost hk$55
It is worth getting only when you travel more than 8 times in a day or you are travelling to far away location. A trip from TST to mongkok is hk$5 and TST to causeway is hk$10.50.
It is definitely worth getting the octopus card as there is discount to train ride.
If the Octopus card is refund within 3 months of issue date, there will be a charge of hk$9. Refunds of the octopus can be done at the airport before departure at the airport express counter.
Adult: Deposit $50 + Stored Value $100 = Price HK$150
Child: Deposit $50 + Stored Value $20 = Price HK$70
Senior: Deposit $50 + Stored Value $20 = Price HK$70
The octopus card is usable in MTR, Light Rail, Trams, Peak Trams, Star Ferry, Buses, some minibuses, convenience stores such as 7-11, Circle K, supermarkets, fast food outlets, or public telephone booths.
The MTR map is not confusing and there are lot of entrances to the MTR station so there is little chance you not able to find the MTR entrance. ON the other hand, MTR station has a lot of exits so it is very important to get out from the correct exit. Use a map or sign board to decide on the right exit.
MTR can be used to travel to Shenzhen.
Ferries
The ferries can be taken from TST to WanChai or Central.
The price is cheaper than taking the MTR.
However, it is recommended if you stay near star ferry or will be going to places near the ferry terminal.
It is an interesting experience too.
http://www.starferry.com.hk/services.html
Ferries also cater to outlying islands, macau and zhuhai.
The advantage of taking the ferry is you do get to a nice view of the hong kong island and kowloon during the short ride. Will post some photos later.
TRams (ting ting bus)
Another cheap and interesting way to travel around Hong Kong island.
The entrance is at the back of the bus and the exit at the front of the bus.
Scan your octupus card on the way out.
This is a very useful tram map. I used it this time round and I am always getting down on the right stop. :D
http://www.hktramways.com/en/tramservice/routemapeastbound.html
Bus
I did not have the chance to take the bus except for the bus to airport. To me, is just need more planning so I just prefer the MTR.
For the adventurous ones,
http://www.hongkongextras.com/busservices.html
http://en.wikipedia.org/wiki/List_of_bus_routes_in_Hong_Kong
Taxi
I have not taken the taxi before due to budget constrain.
I googled. A taxi ride from TST to mongkok cost around hk$60 and a ride from TST to causeway bay cost hk$100. not really sure about the charges.
Various apps regarding Hong Kong transport can be downloaded to help in planning your itinerary. A 3g sim prepaid card can be purchase to help.