HSBC is the bank account most people go for. Consequently there are huge queues at lunchtime or any other time since most of HK seems to be bank there. And they are pretty awful. Unfortunately I have never found anything better!
If you have a decent sum of money (say more than HKD1m, does not need to be cash) then you can get an HSBC Premier account. If you do this, set it up in your home country before leaving, add any global accounts you need (like HK) and you'll be already done before you arrive. HSBC Premier is better than a normal account, it's only awful rather than absolutely dire.