For all the talk of problems, provided you have the money and a personal guide who can talk Cantonese, I haven't really encountered any problems being a westerner coming to Hong Kong with the intention of living and working. That said, I haven't got a job yet

But I've started getting interviews and trials, which all seem quite positive, and no employers have cited a working permit as any significant problem...
That said, Hong Kong does seem a little less politcally correct than most of Europe, so for example, if you're cocasian, fine, but if you're a filipino, you don't stand any legal chance. I'm not exactly sure how "fair" things are... Education and finances are probably fairly deciding factors.