I think it's worth it.

From what I understand, EWR-HKG is one of the longest flight there is so you'll fully enjoy BF. And yes, it makes a big difference.

I don't really know how long SPG points take to deposit, but if they're anything like Amex miles they should be pretty quick (24 to 48 hours?)

As far as how often they clear (or how often they don't clear), I'll let someone else with more accurate info chime in, but my impression has been that it's not always an easy route to clear, especially with no status.

Favorite thing about BF? lie flat seats and IFE. Before it used to be a rough ride across the pacific, but now frankly I think a transcontinental pacific in F is more tiring.