Streetcars (or trams) first. I actually enjoy taking the streetcar and choose it over the bus or MTR whenever I'm not in a rush. If you're heading towards the Hong Kong Jockey Club race course in Happy Valley, it's the best alternative, as well. (By the way, there are races in Happy Valley every Wednesday night and in Sha Tin every Saturday afternoon until July. I've never been to Sha Tin race course, but I've been to Happy Valley a couple of times, and I thought it was fun. I think I only won HKD10, but that wasn't the point. You can buy alcohol and food on the premises and watch the horses pretty much up close. Worth a visit, especially if you just want to drink and be entertained by the people around you, not to mention the horses.)
Streetcars are quite clean, and it costs HKD2 (yes, super cheap). They accept coins and Octopus cards, and you pay as you exit. Streetcars are not airconditioned, by the way. I like them because the passengers are usually quite interesting, and you get to see a lot of Hong Kong.
However, my caveats are: when it's crowded, streetcars are horrible. They're really not comfortable to stand in. The other caveat is the second floor of the streetcar. I used to love sitting at the back of the second floor and resting my head on the window sill and gazing up at the sky. Then, one day, some homeless dude peed himself a few seats away from me, and I've never gone back. Of course, that's my experience. If it doesn't smell like pee or look wet, by all means, go ahead and sit. I just feel like it's safer on the bottom. I know for sure no one wearing pee-soaked trousers has put his ass on the benches there.
Now, for the Star Ferry. The Star Ferry goes from Tsim Sha Tsui to Central and back. There are other ferries (to Hung Hom and Wan Chai), but the TST and Central one is the most popular route. I love the Star Ferry, and I usually take it whenever I'm going to TST. The fare is HKD2.5, also very cheap.
It affords you a wonderful view of the Central skyline, as well. I suggest taking the Star Ferry in the evening for maximum prettiness. I believe the last ferry is at 11 at night, though.
The Tsim Sha Tsui Star Ferry pier is outside of Harbour City, and the Central Star Ferry pier is about 10 minutes away from IFC Mall. You'll have to exit the mall where the CitySuper supermarket is, take the escalator down to street level and keep walking towards the piers. There are a bunch of them for different ferries for different islands. Keep going till you see the Star Ferry one, I believe it's number 7.
I miss the old Star Ferry pier in all its ghettoness, although I always feel itchy whenever I reach that part of Central.
Now, some other notes:
A few people have asked about the "Hop On, Hop Off" open-air bus tours in Hong Kong. Honestly, I think they're not worth it. If you really want to be a tourist and just spend a few minutes at random places, then I guess you could take it and be a lazy piece of shit.
The Peak: even though this is such a touristy place, I think it's really worth visiting, but ONLY AT NIGHT. What's the point of going up there to look at Hong Kong during the day? Also, take the Peak Tram up there rather than a bus or a taxi. The experience is so much more enjoyable, and you will have extra sights to see, such as the interiors of some of the most expensive real estate in the world. I once saw a really hot guy watching television, which was nice. As you're going up the mountain in the tram, sit on the right. When you're heading back down, sit on the left.
I know some people like to go up the Peak during the day so that they can go hiking. That is so weird to me, but here's information for those of you who want to try this type of shenanigan.
By the way, don't eat at the Peak. Overpriced. However, if you're willing to spend the money, I'd suggest the Peak Lookout simply because of the view (again, go at night). The Peak Lookout is where the Peak Cafe, known for shitty food but a spectacular wine list and view, used to be. If you'll allow me to reminisce: a long time ago, my siblings and I went to the Peak Cafe when it was still on the Peak for a nice winter dinner. We managed to witness a couple on a romantic date and nearly fell off the mountain laughing our asses off because the dude was eating his salad like a donkey. I'd have to demonstrate in person, but it was damn funny.
