Hong Kong doesn't have much to offer for sightseeing. The peak is a must see though, especially at night. If weather is good, go during the day too.
1. The Peak.
2. The Peak.
3. The Peak.
4. Every one there also says you've got to see the Big Budda on Lantau Island. I found the 30-minutes cable car ride to the Big Budda more fun than actually seeing the Big Budda.
5. The Big Budda.
6. The harbor, also worth seeing both day and night.
7. The Ten Thousand Buddhas Monastery in Sha Tin is interesting to see too.
8. Ten Thousand Buddhas Monastery.
From Hong Kong, you can easily go to Macau for a day trip.
9. Senado Square, Macau.
10. St. Dominic's Church, Macau.
11. Ruins of St. Paul's, Macau.
12. A small restaurant near Cathedral of Macau. We had a fantastic lunch here sharing a table with a local. She was so nice, not only gave us sightseeing suggestions, but also insisted that we tried some of her BBQ pork she had just bought in a roast meat shop earlier.
13. Giant incense at A-Ma Temple, Macau.
P.S. $1 was about 7.7 HKD in Dec, 2010. You can use either RMB or HKD in Macau. Both were treated the same as Macau currency (1:1 exchange rate).