Nice post about the positives and negatives of both sides.

Personally I would agree with Joe Blow. If you have the resources it is much better to come over and check out a school in person before commiting to work for a place for a year.
MAKE SURE DISCUSS WHO WILL PAY FOR YOUR TRIP TO HONG KONG if you come over on a L visa.

I have been in a much better situation recently and have been able to obtain a Z visa with out any commitiments. Which gives me the freedom to work for whom I want, when I want. I wouldn't have it any other way.

If you do come over Z visa BE SURE TO CHECK THE TERMS OF EARLY TERMINATION OF THE CONTRACT. Having said that, realize that the contract is basically worthless to start with, even if it is an official one.