I was pleasantly surprised with Lee Garden Guesthouse. Despite having a room with no view (essentially a window to the back of the reception desk - Rm 814!), the room was clean, sheets crisp and white, and the people at reception were so very friendly and helpful. And the bathroom was clean! One thing to expect in general of budget accommodations in Hong Kong - the rooms are functional and will be small, especially when compared to Western standards. Only downside - you need to fetch the complimentary boiled water, and use the microwave and fridge at reception.
It's located centrally in TST, and not a far walk from the train. Apparently there is also a free shuttle bus to Kowloon Station which is where you would take the airport express.
Verdict - I felt safe, the location was convenient, and I wouldn't mind at all if I had to stay there again.

This was a great find in Hong Kong, especially for the price and location. The rooms are small but being HK, they were reasonable, considering the price. The guesthouse was also very clean, quiet and secure. The people working there were helpful and friendly. It is in a great area for shops/restaurants and very close to the MTR. The internet was free and it also worked well. I would recommend it to friends.

My wife and I stayed in this closet for 3 nights. The rooms are small and nondescript but cheap by Hong Kong standards. The location is great. We were placed in "Star Guesthouse" which is on the 4th floor while the real "Lee Garden" is on the 8th floor and looks better. Get there if you can. We booked at Lee Garden but this place seems associated. A massage parlor is on the 2nd floor and the sales team hounded us every time we came in or out. We walked into the Chung King mansion which has heaps of hostels and were we had considered booking. The ground floor here is a circus of sketch balls so I think Star/ Lee Garden is a better option. We may have ranked this higher but the price shock and decrease in room quality from Vietnam and Cambodia was dramatic.