Yes it might be touristy, yes you might wait in line for an hour. But is traveling to Victoria Peak in Hong Kong worth it? YES. This was my second trip to Hong Kong, and it was one of the things that I remembered the most from my first trip. The ride in the Tram car is well worth it, its cheap you just have to deal with the lines.
Even after visiting the 118th floor over at the Ritz Carlton in Kowloon, I would argue that the view from the Peak is still far better. Go up, visit, pay the extra $4 and go to the panorama level. Eat at Pho Yummee for some great Vietnamese Pho. Wander around the trails that go down, there are some great views and abandoned walkways.
My only question is who lives in the homes up there?