We went there in the morning (~10.30am). The crowd still small and there was no queue for the tram. Not much can be seen from the tram, but it was OK.
The weather was good and not cloudy, so we managed to get some good pictures. We went to the Sky Terrace too, but nothing different with the view from other part of the Peak. So you may skip paying for the terrace and get views from other part of the building or from the trailing path (by the hill) that's free.
We had great seafood for lunch at Bubba Gum restaurant facing Hong Kong city skyline. This also can be another option to get great view of Hong Kong city.
When we returned by the tram, we observed the crowd was massive and the queue was long. We felt fortunate to be there in the morning.More