I agree with BB that premium class to Australia is good value (almost 24 hours from YYZ and usually $10000 or more). While I have a suspicion that AC ExecFirst (100000 points) beats both UA Biz (100000, though interestingly UA only charges their MP members 90 000) and ANZ biz (again 100000), the thought of waking up in the middle of the flight in HNL doesn't sound so good. I would rather just sleep from SFO or LAX to SYD, and would thus use 120 000 points for UA, or 130 000 for ANZ, both in First. However, because you can combine award travel on UA or ANZ and AC, it would be nice, for 100000 points, to fly AC one-way, stopping over in HNL, and then ANZ or UA back via LAX or SFO.
On another note, UA within Asia is good value (20K/30K/40K) as you can do expensive routings, like SIN-PEK via NRT, for only 40K in First. I did something similar a couple of years ago and flew international first for a distance as long as BOS-LHR, with a stopover in Japan, and only used 40K. (UA was selling the same routing for more than 7000 CAD.)