Our experience was similar to Susan's. We stayed at the Intercontinental over New Years. Had an unforgetable dinner at Yu on New Years Eve! We also booked thru AmEx FHR program. Were upgraded to a fantastic harbor view suite and loved every moment. Breakfast buffet (included with the FHR program) was over the top.

While I agree that the location is somewhat better than the Pen, I would love to experience that hotel at some point. Standard rooms there, however, don't appear as appealing as similar rooms at the Intercon. We did love having lunch at the Peninsula Lobby though.

Four Seasons is, as expected, exceptional....but we prefer staying on the Kowloon side. Shangra la is supposed to have great suites but we haven't stayed there. I don't think you can go wrong with any of the hotels...and of course Hong Kong is such an exciting city! Have fun planning!