One other advantage of VA is the deep discount fares on SQ/MI also earn points as well as status. These are the N, Q, T, V, K classes which are not eligible to earn Airpoints. If you book SQ flights with VA codes, you will also get elite bonus. You also have lounge access when travelling on MI services which is not available to Airpoints. MI flights also earn VA status but not NZ status.

On NZ, domestic flights are the only weak area where most fares don't qualify. All paid long haul flights are eligible. While some of the fares only earn 0.25 per mile, you do get significant amount of Status Credits. This is true to deep discount SQ/MI flights as well. You do get premium seating most of the time.

In terms of recognition on SQ/DL, what do you really expect apart from all the published benefits?

There is no credit card that earn VA status even in Australia but I find the ability to pool VA status from family members superb. The only downside is the loss of Star Gold status.