I have my honeymoon planned to Moorea in 3 weeks from now and this is what we're doing...

AA miles to fly round trip JFK-LAX-PPT in Business class (I believe it was 125k each)

HHonors points for 5 nights at Hilton Moorea (I used the 4 night AXON + 1 standard night) -- This gets you the basic room, my Gold membership gets me upgraded 1 level and then I paid ~$800 to upgrade to an OWB for my 5 nights. I've also heard that it's possible to get upgraded for free to the OWB, but I wanted a confirmed upgrade and I was able to do this last December. So, that peace of mind made it well worth "only" getting the 1 level upgrade for free and paying for the next level upgrade. There was also the option to pay to upgrade another level to the "panoramic" OWB, but we didn't think that was necessary.

Also, another side note... we picked Moorea because (even though it will be our honeymoon), we wanted to be able to get out and do things when we're there. Everything we read about Bora Bora was that there was nothing there but the resorts. So, going to experience the local culture or out to eat at a local restaurant wasn't an option. Not only that, but it was about $600-$700 each round trip plane ticket from PPT-Bora Bora.

So, in the end, we decided that Moorea offered some things to do, a short ferry ride back to the main island if we wanted to go there for an afternoon and we wouldn't be spending thousands of extra dollars on food and flight just to be in Bora Bora.

Good Luck with your planning!