Some interesting, and many valid points of view re the $$$ comparing DEFO vs SO. What appears to go overlooked a lot however is the cost of living. If you planned to be based in NY and live in Manhattan, then the $ for $ comparison of packages is valid. However if your home of choice is somewhere much cheaper then it makes the comparison a little more complicated. I know I state the obvious in saying this, but you got to work out what is really going into your pocket at the end of the month.
Agreed the housing allowance is great and many people have done well. But as some have said before, it's not all that. I echo previous posts, beware of the risks.
As for the SO vs FO from a operational point of view, very unrewarding in the back seat.
Finally don't prostitute yourself. If the life you want is on a base then the answer is simple. Why would you come to HK for a little more money? If you would would like a change of scene and maybe bounce around the region on your 12+ days off a month then c'mon over. You might find it a bit tough finding a suitably sized place for a wife and kids with the initial housing. Just a heads up. Also 32k/mth or whatever it is as an SO in HK may be a bit short to support a family in my opinion. It is doable however. Especially so if your wife works.
BA