RB,
we usually stay at the Sheraton on Kowloon side.
Their rates can vary widely and sometimes can be had for a bargain (relatively speaking).
Regarding which area to stay in, it all depends on what your interests are and what you want to do.
If shopping is your thing, then I would go for Tsim Tsa Tsiu which is on the southern end of Kowloon facing Hong Kong island. Here you can go to the major shopping centres, like Ocean Terminal and Harbour City but you can also go for less mainstream venues like Granville Road and the Mong Kok night markets on Temple Street.
We'll probably need more info to provide better assistance.