Syl,
Personally I don't think the cameleon bugaboo is to big for hkg standards.
It's the pretty much the same size as other comparable brands I've seen around town. (As long as your not comparing it to those cheper lightweight strollers for toddlers)
There are much bigger strollers around than bugaboo (some graco models for instance).
It really has more to do with how well the bugaboo works in hkg, in comparison to other strollers.
It's hard to say if a bugaboo would be convenient for your lifestyle... what works well for one family, may not for another.
Most of the reviews I read for Bugaboo say they are best for city life...maybe thats why they're so popular in NYC.
I feel confident it will be perfect for us here in hkg. We have a car, but use taxi's from time to time (bugaboo has compatible car seat for taxi's). Live in Sai Kung, but we're in the city every wkend.
For a quick trip to the grocery store I might use my baby bjorn carrier...if I know we'll be out longer then I'll take the bugaboo. It all depends...
Until my bugaboo comes in (and baby is here

) I can't really post a negative comment. Maybe in a few months all us bugaboo buyers should start a "review on bugaboo" thread.
I will say this, the one down side I have read over and over is that the bugaboo cameleon does not fold up as one piece, like most strollers do.
I figure whats the harm in buying one.... if it turns out the bugaboo is'nt right for us, then re-selling it here should'nt be a problem at all.
(Just take a look at Ebay...the resell value on these is almost the same as the retail value)
Good luck on your choice!