I don't live there and have never lived there but I have visited there and I have a lot of uncles who live over there on the mainland. As far as electronics go, I can only give you an idea that I believe a lot of the bigger shopping areas is in the "mong kok" area of Hong Kong:
Do some googling and stuff but when I was there, that was a major shopping mecca as well as a popular restaurant/night club section.
The actual island of Hong Kong is also very modernish and probably has a lot of shops and restaurants. I didn't spend too much time on the island itself, I went up the gondola to Victoria Peak and we ate in a restaurant by the harbor which is owned by one of my uncles.
Hong Kong is in a very warm and humid environment and I found it very steamy. Has a pretty elaborate bus system and has a lot of wealthy people driving Bentlys and Ferraris in the most god-awful traffic I have ever seen (abroad and in the US). You think traffic is bad in the USA, but that doesn't seem to stop them from buying expensive sports cars to sit in 10mph traffic.
If you want an interesting perspective on living and working in Hong Kong, check out Elyse Sewell's blog. She was the "third to next" Top Model contestant in its first season - the brainy, irreverent one who had plans to go to med school. She wound up modeling instead and has found her niche in Hong Kong. You'll have to go back a little further in her blog to read the HK stuff, since she's spent the last few months in Paris.
I've visited HK 4 times in the last 3 years and everything Jay has mentioned is right on the money.
Mong KOK is a great place to barter for everything from Jewerly to electronics. There's also Kowloon..... Very similar to Mong KOK but just a star fairy ride away. I personally think Kowloon has more shops and more selection. Stay away from Wan Chai unless your shopping for the other kind of fun. There are some restaurants and shopping in and around Wan Chai but the heart of Wan Chai is mainly night clubs made up of the "by me drink bars" There's allot to do in Hong Kong so it's a fun place to visit, have fun. I'm sure you'll get to the top of Victorias peak, on a clear day the view is phenomenal
Originally from HK but haven't been there in a couple of years. Mong Kok is indeed the place to be if you are interested in electronics. However, Mong Kok is the name of a district in Kowloon, not a whole different "city". The district is jammed packed with people and you can walk around to check out various stores for different items. Kowloon is attached to the mainland and has various districts that specialize in various things, i.e. used vinyl records, electronic parts, etc. Forget the swanky malls....those are more or less tourist traps. Hong Kong is the name of the island across from Kowloon....it is the home of Hongkong Shanghai Bank Corp. (those of us in North America may know it as HSBC). It's the political seat of HK (using the term to cover both HK island and Kowloon). My childhood was spend on Kowloon, so I am heavily biased toward "my hood".
BTW, Star Ferry was just moved. You mean you guys didn't see the news of people chaining themselves to the old ferry buillding? (trying to perserve it for historical value)
You didn't specifically mention what kind of "electronics" you are looking for. That can help to narrow down the specific locale or stores to recommend.
Indeed, the public transportation system is very well-developed. You can get an electronic card that will work on the subway and the bus systems. No more searching for change. Just "recharge" the card whenever it's low....just like your Starbucks card. BTW, there's a Starbucks at the HK Int'l Airport even before you get through customs. You may not get into the city, but at least you'd have a cup of coffee.
As for traffic, it's pretty bad. However, you can still do some VERY fast driving if you want to. The twisty roads add to the fun. My rich cousin there had a Porsche 911 and let's just say we had a lot of fun blasting down the HK hills. Bone-jarring ride though.