Yes, it is that competitive.
If you don't want to work in Hong Kong, don't apply. Sooner or later you will work (full-time) out of Hong Kong (if you want anything more than a second-tier freighter salary, that is).
No, some just get an acknowledgement and a reference number with an "official" application form with all the information they require.
You may then receive a form letter to the effect that you are under-qualified but to keep on updating, or a thank you note. If you get the thank you note, your application will be held on file until you are considered for a first (screening) interview, normally done near your general geographic area - JFK or LAX in the US, YVR or YYZ in Canada.
I feel that if someone is willing to give up the QOL in the states to fly in HK, at least be able to fly the 747 if they want to eventually
Dream On. This is Cathay, not DL. SW or UA. Touchy-feely stuff is not their forte'. You go where they want you to be. How bad could it be anyway? B777/B744/A340/A330...it's all good stuff (sort of).
No. Definately not pax versions. Freighters - probably.
Good luck.
On the "highlights" thing - there was some turkey on PPrUne asking whether he should take the highlights out of his hair for an interview - I sh!t you not. If anyone is that vain or stupid, I say go for it...wouldn't want him as my F/O anyway. All this mutilation crap doesn't go down well in interviews either - tats, rings, etc. Shows a real lack of maturity - ask a few ex-employees.