For those without an APEC card, the Hong Kong International Airport offers a frequent visitors card for those who visit HK 3 times in a 12 month period. It's free, and the documentation required is pretty straightforward. The card takes about 6 to 8 weeks to arrive, and is valid for 2 years. You need to travel through HK 6 times in the 2-year period to be eligible for renewal.
The card allows access to a much shorter queue through Immigration, but does not provide any special benefits with Customs. That said, Customs entering HK is extremely quick. The Frequent Visitors queue is not always open: I was in HK last week, landing at 05:00, and the queue wasn't open, but it was very quick anyway. The queue was open at 22:00 on my return.