I lived in MH for six months. I was very pleased with it. There is a shuttle bus every 20 minutes or so in rush hour, 30-40 non rush hour that takes you to IFC in about 10 minutes. I rarely took cabs any farther than IFC, which was a quick dash of $30HK and < 10 minutes by cab.
Buses and trams are extremely plentiful, but I rarely took them as it was a pretty long trip. (Trams and Buses 'loop' at Kennedy Town back into Central) I did go to Wan Chai occasionally via cab (White Stag was my 'local'), with the only real delay being race night or rush hour. Coming back from Wan Chai to Manhattan Heights is usually painless. On the freeway and voom. I think Wan Chai to MH was $50, a bit higher from Times Square.
I kind of liked living "out of it" a bit, not in the hustle downtown and a little more relaxing environs of Kennedy Town. That said, there isn't much to eat unless you like really authentic cooking (save for a McDonalds).
The building is quite nice. Very attentive doormen, nice workout room, huge pool. Building is a mix of expats and HK'ers. Most are pretty friendly, with a few having families. Doormen will stop your Filipino maid and many Asian-faced guests at the door for identification, but gwailos walk in usually unquestioned (sad, but true).
Rooms facings the water have a nice view of Kowloon, but also have the buzz of the Macau hydrofoils. Bathrooms are modern. Kitchens a bit small, but it is Hong Kong. One thing I did note is that some kitchens catch a bad air current from Kennedy town and if you open the window, sometimes you don't like the odor. I would recommend checking the "smell" when you look at a place by opening the windows.
I was on the 40th floor and later the 21st. 40th was a bit more quiet, though a siren or loud truck horn can make it up that high just as easily.
Cellphone reception (and wifi) is better on the Mountain side than the water view. In fact, water view apartments have spotty mobile phone service, regardless of carrier.
It would be nice to live on top of an MTR (what, four more years for Kennedy Town) but I still enjoyed my time at MH.