Hi Ozexpat,
We've lived here for almost 4 years and our son is 2 1/2 yrs old (we're expecting our second in April 2007). There is the Quarry Bay Park which stretches a good way along the eastern corrdidor plus in the podium of each block there are swings and slides play area; there are at least 5 kindergartens with pre-nursery classes in the immediate vicinity plus other interest classes incl. arts & crafts and music; jumpin gym USA in the mall with pseudo bumper car rides & other slot machines for kids; iceskating rink; generally, we find the mall to be quite entertaining by itself; the MTR and buses are very convenient; this is really a great place for families with young children, although there is no clubhouse with extensive facilities, they do have swimming pools, badminton courts. other sports grounds are very close by in Quarry Bay Park. However, in terms of cost of accommodation, Tai Koo may not be cheaper than Discovery Bay; i've always had the impression that DB is quite affordable in contrast with many other areas.