Yes I live in Festival City. The noise from the schools doesn't seem to be an issue although they can be heard from our balcony in 20's level. As for MTR, it is a 10 minute walk but not too bad. They will open another exit which will lead closer to MTR in the future, but no one can seem to tell me any details about that, such as if there will be shopping. Can anyone shed some light on that please?
The problem is if you don't leave for work by 7:30 it is extremely crowded at Tai Wai station, which includes waiting for multiple trains. There is the "first class" option but at the busy time they allow just as many people as the normal trains which defeats its purpose. The good news is that there a a few buses that go to central and although they can take nearly an hour, they are not too crowded and I find it a peaceful ride. In the end, there are a few different choices and strategies one could use to get to HK island, depending on personal preferences.
Just a few other points about living in Tai Wai - there are many great restaurants, bike trail network is great, there are many parks around, the sidewalks are not crowed like elsewhere, and its not as far out there as Sai Kung, etc., which is critical when you are wanting to take a taxi home. For a decent supermarket you do need to take a one stop ride on MTR however, which I find is easiest to do on the way home at Kowloon Tong as the Taste there is quite good.
Any other feedback from the others about Tai Wai?