The Peninsula is certainly centrally located, but the rooms are a bit smallish, as are many of the hotel rooms around HK. That's what we liked so much about the Harbour Plaza HK. The room was large and lavish and the view was superb. Both hotels have a Star Ferry station close by. That's the best way to get around in HK. We were on the 16th floor with a harbor view. I wouldn't miss high tea and a meal at Gaddis in the Peninsula though. In addition to the Star Ferry, the best way to get around on Victoria Island is the double decker tram. It runs from Central to North Point and it's very inexpensive. Both modes of transport give you a much better flavor of HK. If you're doing any of the out islands spend the little bit extra and take the high speed ferries frrom Central, as opposed to the standard ones.