Living in Soho/Elgin Steet - good or bad idea?

Good mythical morning fellow Hong Kongers - I just moved to Hong Kong 3 weeks ago and am considering a studio in a walk-up along Elgin Street (near Peel St and Hollywood Rd). The area is nice and being the middle of the action is attractive, but I am concerned about a couple things:

1. Transport - is the morning rush especially bad in the area? I work in Central and do not wish for a commute longer than 25 minutes.
2. Cost of food - aside from bars and up-market restaurants, are there cheaper/more affordable food options that aren't just local HK hole-in-the wall eateries? Wan Chai has a decent selection of Western-style bistros/restaurants with meals in the $80-140 range, and I am wondering if the same can be said of Elgin Street.

Its an excellent place to live. I live around the corner, myself, off Caine road.

Morning rush? You are on the escalator! It goes downhill in the mornings, will take you to Central in minutes. Nobody would think of driving, if that's what you are thinking. Impossible. One-way system, ancient streets.

As for food: why not, you know, cook? If you are on your own, buy a rice cooker which will work as a steamer. Wait, are you a guy? It's amazing how single men in this city spend all their money on eating out, when you can live very cheaply if you dont. If you make a stock and freeze it in small jars, and then use as the base for a simple dish and just heat it up..one dish will last you a week and better than cheap food.

Kai Fong supermarket in Sai Ying Pun, incredibly cheap for meat and frozen fish. Elgin Street, you are so close to the Graham Street market, vegetables really cheap: A steamer, you can steam some vegetables..healthy-style... Because most of the restaurants are not cheap, though lunch deals are good.

Still. I wouldnt eat out, it just consumes all your money

Yeaps I am also the on peel street area - it's really convenient. i take the escalators - the higher you stay, the quieter the area. If you don't want a crowd just leave earlier in the morning. the area is walking distance to sheung wan where you can find loads of decent price food as well. if you walk around a bit on the mid-levels there are pretty decent priced food as well.

like mooncakebaby - cooking is really cost efficient. markets and hypermarts are all nearby.
walking to central takes about 15-20 minutes so it's a nice walking stroll in the morning.

I kept an small apartment on Peel for a couple of years to use when I was in the city --- if you work anywhere near Central that area is outstanding ... loads of restaurants and bars nearby ---- generally not too loud as their are controls on noise from the nearby establishments.

If you are singles, good. If you have family members moved to Hong Kong together. Central is not a good location for families.