Along with the earned income exclusion, there is also the housing exclusion. Basically, you get a deduction for your housing expenses (rent, furniture rental, parking space rental, repairs, insurance, utilities (excluding phone and cable)).
And if you are a US citizen working for a Hong Kong company you don't pay social security or medicare.
Overall, if you structure your investments and work compensation properly, you will pay less taxes here than in the US, everything being equal....but then again you have a higher cost of living here.