My arcade list as of May 30th, 2014. Definitely missing several that I don’t know about but these are the main ones to remember as far as I can tell. Click the links for Google Maps Street View positions but if you are on mobile they may not work. Feel free to send me a PM if you need clarification but no guarantees when I’ll check it.
HK Side Map Locations:
Wanchai Arcade Location - “Wanchai” or “Smoke City” - right next to the 7-11 - Extremely smokey, used to be a popular hangout but now it’s mostly scrubs. 3 pairs of machines (not linked between pairs). Average/crappy parts. Generally only worth going if you’re desperate. Runs 2011 for $3 a game.
Central Arcade Location - “Central” - Random level of competition due to the amount of people but it has become the best place to play since it’s the only 2012 arcade on HK side. 4 linked machines running 2012 for $4 and they rarely have broken parts. Weekdays at lunch hour has a pretty big crowd actually so you’ll have to wait in line but the level is pretty decent. Levels up after 6pm and tends to have great players into the evening with a dinner break around 8 or 9pm. Lots of regulars so you’ll get consistency if you come often. Still the place to go in general. Will be getting Ultra but not sure when yet.
Causeway Bay Arcade Location - “GameMax” - CLOSED AND GONE 
Kowloon Side Map Locations:
Hung Hom Arcade Location - “American Pool” or “Hung Hom” - 4 Vewlix cabinets running AE2012 and 2 CRT cabinets which might be 2011. These are the real-deal official Street Fighter cabinets imported from Japan using all Sanwa parts. The sticks feel slightly worn but still better than almost everywhere else. The buttons are near perfect. These are all new cabs so we’ll see how they maintain them in the long run but for now this is hands down the best place in Hong Kong. This place does close at 12:30am so a little sooner than most.
Mong Kok Arcade Location - “SmartGame” - 4 machines, hit and miss with the button conditions and 2 of the machines have the controls to the left of the screen but otherwise ok setup and no smoke. They are also unlinked so it is 2 seperate pairs. Still running 2011 but for $3. Lots of strong players there at nighttime, especially on fri/sat. I would say this is the place to go on the lower-mid Kowloon side for competition.
Mong Kok Arcade Location 2 - “New Town Mall” - The setups here are crap but it still gets lots of people so this is more of a last resort if you’re in the area burning time. Entrance is right in that corner into the basement.
Prince Edward Arcade Location - “Prince Edward” or “Allied Plaza” - They had 4 AE 2012 machines at one point but it looks like they are now gone so now it is just 1 pair of machines running AE 2011. Mediocre quality parts but generally they are in good condition and the arcade is pretty clean. You have to go in the ground floor and walk around inside until you find the arcade door because it is very hard to spot. Try listening for the loud noises.
Lai Chi Kok Arcade Location - “Lai Chi Kok” or “The Kok” - 4 machines of decent quality, fairly well lit and just a bit of smoke. It’s been a long time since I’ve seen good players gather here and you’re almost never going to find strong ones during the day.
Tsuen Wan Arcade Location - “Tsuen Wan” - 4 nice machines, clean arcade. I was only here once but the last big tournament was held there. Kind of out in the boonies though if you live on HK side.