Taking the tram is different from taking the bus... You board
the tram at the back, and you alight at the front. You only pay (by
cash or octopus card) when you alight.
Star Ferry is not far what..... You can easily go between Tsim Sha
Tsui and Central by Star Ferry. At HK$1.70, it's the cheapest way
to cross the Victoria Harbour. The scenery from the ferry is also
very nice. Most travel guides would recommend the Star Ferry as one
of the top 10 attractions...
MTR is fast, but most of the time it's crowded. Most of the tracks
are underground, so you won't get to see much scenery along the
way. Some stations are also quite confusing, as there are multiple
platforms on different levels, and there are multiple exits and
multiple "sub-exits"... Nevertheless, the MTR is still the best way
to get around Kowloon and Lantau Island.
As for the Peak, the most common method to get there is to take the
famous Peak Tram... (Sit on the right side of the Peak Tram to get
the best scenery.) Once at the peak, you can choose to stay in the
Peak Tower and visit the Madame Tussaud wax museum, viewing
terrance, shops, restaurants, etc. Or you can walk around the area.
(Most tourists will walk to the Lions Pavillon, around 100m away
from the Peak Tower. The view at Lions Pavillon is also very nice.)
If you're fit enough, you can even walk one big around along Lugard
Rd, a circular trail that surrounds Victoria Peak. You can also
walk to the top of Victoria Peak along Mount Austin Road. Reserve 2
hours for the Lugard Road circuit or the Victoria Peak summit.
(Avoid the trip if the weather is rainy or foggy. And never walk
alone, for your personal safety.) There are many signposts outside
the Peak Tower to guide your way around... 
