Well, this has certainly been discussed extensively before on here, so you might want to do a search for older posts regarding this topic.
However, considering UA pulling out of the AKL-LAX route and possibly another Australia flight, I dont see how this can get past a sane competetion regulation authority. Its not just the trans-pacifc routes but also domestic flights within NZ that would be governed solely by the NZ/QF alliance, as Origin Pacific is not a competitor against the alliance (fleet too small, and they are not serving any main trunk routes...).
Personally, I hope this will not happen. I dont like the way QF treated NZ when they owned a share in them before and also I dont see hwo they are going to keep flying in two alliances (OW and *A). I love seeing NZ in Star Alliance however I have never had the feeling that they really commited themselves to it, they have very little codeshare flights with other partners than LH and UA, and they didnt paint a logo jet...
I suppose we will jsut have to wait and see what the regulators say. Personally I wish SQ would have gotten the share in NZ.
Yours truly - StarFlyer