The new Ngong Ping 360 cable car goes from right near Tung Chung MTR metro station on Lamma, 5.7km up & around Lamma's peaks to the Po Lin Monastary and giant bronze budhha.
The trip is undeniably fantastic, with views of Hong Kong airport to one side. It's very smooth, but those afraid of heights should be aware!
The only downside is being dropped off in "Ngong Ping Village", actually a shopping village full of many of the same international brands elsewhere on HK (Starbucks etc). There's also a 'Monkey's Tale Theatre' and 'Walking With Buddha' experiences, which might keep easily distracted kids amused but otherwise are quite commercially crass against the backdrop of the huge, serene buddha.
Better might be to do what I did: take the ferry to Mui Wo, then the bus up the mountain. Just as cheap and more fun. You can then stop off for food in the village (assuming you've not eating cheaply at the monastary) before being whisked back by the cable car and metro.
The food at the monastery is much, much better than the food in Mui Wo or Ngong Ping villages. In fact local people go to the monastery to eat because it's one of the best vegetarian places in the whole of Hong Kong. There is a big restaurant where you'd best book in a group, but also several smaller, more informal cafes. No concession to foreign tastes here, just completely authentic Chinese specialities you won't see in Europe. But please behave with respect, this is a religious place not a tourist facility.
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HK$50 for a Lantau day pass except for Sundays when it is HK$25 one way to Ngong Ping Village.