Hong Kong had one of the best-organized tourist bureaus I've encountered. If you didn't pick up its material at the airport, there's another tourist office near the Star Ferry's northern port.

In particular, I remember from my March 2006 trip a brochure listing free events. Some happened on specific dates, others every Monday, etc. I did a tour at the Hong Kong museum - which I liked a lot - but there were also junk tours, cooking classes, etc. Good stuff.

I also went to the Disneyland. I don't recommend it as a theme park experience (it's pretty small, and there's another local Hong Kong amusement park that may be more fun) but it's always an interesting cultural experience to see how Disney plays out internationally, particularly in Asia. Note the food, the various languages things are translated into, how they shoehorn Asian actresses into the idealization of European princesses, etc...

Ride the tram up Victoria Peak, and then walk down the path to the west, and back through the neighborhoods.

Take the bus to Aberdeen and to Stanley Market on the other side of the island.

Visit the Jade Market in Kowloon.

Have a suit made.

Gordon, the night market on the Kowloon side is just a short walk from the Star Ferry. Also if you have time, take a ferry to Peng Chau, which is just a tiny spec of an island with no cars, only bikes. You can catch a ferry in Central, and what a contrast from Central! I also echo Jeff's recommendation on Stanley. Besides the market, there is a decent beach there, and also a great little British pub whose name I forget. If you walk away from the market along the beach for about 100-150 yards, it'll be on your left across the street from the beach.

3 of the world's top ten tallest buildings are within walking distance of each other in Hong Kong. If you are a skyscraper fanatic like me, go to the top of each for incredible views.

#5: 2 International Finance Centre
#9: Central Plaza
#10: Bank of China Tower

Thanks for all of the excellent suggestions. Several items above were not on our original list, but have since been added. We are trying right now to figure out whether we will get enough of a break from the typhoon to go to Stanley. And I had no idea that Hong Kong had three of the ten tallest buildings in the world. Now if we can just get a break in the clouds ...