I went here 2 nights in July 2011, and I found it was a good hotel for the price you pay.
In Hong Kong hotels can be very expensive, but the Cosco stays reasonable for the price you pay. Rooms have nothing fancy but are big on HK standards. Only real minus point if you're not used to it are the beds. As comfortable as sleeping on wood!
It's a little far from the center as it takes about 30 to 45 minutes with the tram to the nearest subway station, but this probably explains the price. Not a lot of eating facilities near the hotel and none inside the hotel. (Supermarket about 5 minutes walking)
If you need a place to sleep, and don't want to spend a lot of money or sleep in one of the (in)famous Mansions this hotel will certainly do it...
This review is the subjective opinion of a TripAdvisor member and not of TripAdvisor LLC