How expensive is Hong Kong?

I will be visiting Hong Kong early next year, and wanted to get some advice on how much I should expect to spend there. I have visited many travel sites, talked to freinds, and they all say it is very expensive. However, none of my freinds have been there and not sure how much trust to put into a website. I am planning on budgeting $500 for everything, that includes Hotel, food, shopping etc. Realistically, how many days can I spend in Hong Kong? I'm hoping that $500 will at least get me three days, two nights.

That would get you your accommodation (budget) and food (great and cheap) and some tourist attractions without a hitch. But you would be laying off any drinks at the hotel and not taking much shopping with you.

WOW! I guess the place really is expensive. OK, change of question. Any recommendation on how much I should be budgeting for 3 days, 2 nights?

I, too, will be traveling to Hong Kong in December. Could any offer up any ideas as to what I would put on my "must see" list?

Was in HK this past summer. It is really expensive if you've been to New York, Tokyo, London you get the idea. I stayed at the Wang Fat Hostel www.wangfathostel.com.hk
Cheap and very central but not much social atmosphere to speak of. Hope that helps