Go see the Buddha, you won't regret it!
The journey best starts with a cablecar ride up to Ngong Ping village. Of course, you can also take the bus if you prefer. However, the ride up is an experience in itself. If you aren't afraid of hights, you can even book one with a glas floor. Oftentimes, those statues are built into mountains what makes to view of this free standing statue atop a peak even more spectacular. In our opinion, this view was even more impressive than seeing the Buddha up close.
Don't be afraid of the many steps up to the statue, they are part of the experience. The platform on top of the stairs is perfect for enjoying the view or taking artsy insta-pictures. On semi-clear days you can see all the way to mainland China and the city of Shenzen. There is also a little museum inside the base of the statue, which is worth visiting.
If you have time, visit Po Lin Monastery (separate review) and Ngong Ping town, which is pretty to look at, or take one of the hikes.
Visiting the Buddha, the museum, the monastery, and town is free, they just put up a donation box, whereas the tram ride requires a ticket.