Yep.
In J:
BA LHR-HKG is £550 in TFCs
CX LHR-HKG is £220 in TFCs
If travelling in peak time (which we do) you save 180,000 avios but have to pay out £855 (2x TFC difference plus £195 for the Amex card) and work with BA's poor availability compared to CX.
Having made some very valuable one way redemptions round Asia, I'm now of the opinion that this is where the value lies for me. Better off just picking up a cheap revenue flight to Asia and taking it from there.
This makes the Lloyds/Avios card look like an even better deal!