This is one of those Victorian-era outings, where people would visit an attraction, have tea, and stroll around. Unfortunately, it's very popular, the lines can be long, and the peak is a shopping mall now. Also note that this doesn't actually go to the peak, but to a shoulder that affords some views on both sides of Hong Kong island.
If visiting during daylight hours, I recommend getting there before 10 AM, when the lines are 20 - 30 minutes. Like Disney, the line is longer than it looks, as you are admitted to new wait zones every few minutes. Also like Disney, the last few zones have historical exhibits to distract you. You will be standing outside in the sun/rain some of the time. I didn't visit at night.
Buy a return ticket even if you plan to walk down. It's a small price difference. The separate admission to the tower at the top costs as much as the funicular ride, but I'd recommend it. You came all this way, right?
Tram ride. It's pretty steep, and the cable-based tow system nicely bounces occasionally. The cars are fairly period.
The exhibits at the beginning aren't bad.
The commercialization at the top is a turn-off.
Crowds and commercial photographers will gum up the viewing points.
The trams may be standing room only at times!
Note for railroad buffs: the up and down direction share the middle rail. They diverge just at the crossover in the middle. You can also see some pulleys at the corners, to direct the cable.
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