verene
1) 2006 i stayed @ Dorsett Olympic. Oh miserable small little room and far from the usual attractions. But it's a new hotel, clean & modern. Cheap coz so small & away fr town. Good for honeymooners but not for active toddler!
2) 2007 & 2008 i stayed @ Metropark Mongkok. It's very near Prince Edward MTR, which is 1 station away fr Mongkok MTR, which is where u find Ladies Mkt & lots of shopping. The hotel is not as swanky new as Dorset Olympic, but room is larger & better location. I think the price is a bit more ex... but for price comparison, look for websites like Agoda, Tripadvisor etc. U can see comments fr travellers too.
Typically, if u want hotel near city eg Mongkok or Tsim Sa Tsui, the price will be higher and the rooms smaller than those further ones like L Hotel. In city, i think better to take train than cab coz sometimes their traffic jam is bad and many roads only 1 way street - takes long roundabout to get to destination.