While it's true that the Ladies Market in Kowloon has a lot of clothes for ladies, there is a lot more here for those who are looking for something else. I don't remember exactly what I bought here, but I didn't spend too much time browsing the stalls.
It's a practical market, so while tourists do come here, it's also where locals can go to get their wares. I'm not really sure how much of it is truly licensed instead of being knock offs, but if you're going to a market for your sportswear, I doubt you really care. Expect to haggle, and keep in mind that you may be (probably are?) buying fakes. The market's own website notes this, and mentions that you should expect to pay 20-30% less than originally quoted. Be sure to shop around.
There are restaurants, including a KFC and 7-11 nearby, but this is not a food destination. Expect to find Chinese restaurants and some international flavor, but menus are usually in Chinese and workers probably don't speak English. (Those running the stalls in the market will speak enough English to haggle prices and try to convince you to buy their goods, at the least.)
Over 100 stalls line Tung Choi Street around Shan Tung Street. You can access the Ladies Market from MTR's Mong Kok Station. Take Exit E2, and walk along Nelson Street for two blocks.
Most everything is open by noon and shopping in the afternoon is fine, but it's best to shop 4PM-midnight when the street is officially closed to vehicles. Individual stalls can pack up early, of course.